Market
600,000 Potential KYC Violations Uncovered

South Korea’s Financial Intelligence Unit (FIU), part of the Financial Services Commission (FSC), uncovered a staggering 500,000 to 600,000 suspected violations of Know Your Customer (KYC) requirements at Upbit, the country’s largest cryptocurrency exchange.
The discovery comes during a meticulous review of Upbit’s business license renewal application, raising concerns about potential legal and regulatory ramifications.
Potential KYC Violations on Upbit
Local media reported that according to sources within South Korea’s financial sector, the FIU’s findings were the result of an intensive inspection that began in late August. The violations pertain to lapses in Upbit’s customer verification processes, a crucial component of anti-money laundering (AML) and counter-terrorist financing (CTF) measures.
Examples of breaches include accounts being approved despite incomplete or blurred identification documents. According to the financial regulator, this could facilitate illicit activities such as money laundering.
An official from Upbit reportedly refrained from commenting on the FIU’s ongoing review, citing confidentiality clauses. However, the exchange’s operational future hangs in the balance as financial authorities verify the validity of the flagged cases. Potential fines of up to 100 million won (approximately $75,000) per violation loom.
This is not the first time Upbit has been scrutinized. South Korean authorities have consistently monitored the exchange due to its dominant position in the local crypto market. Of note is that it is the largest trading volume in the South Asian region.
As BeInCrypto reported, South Korean lawmakers recently opened an investigation against Upbit. The probe centered on the monopoly structure of the virtual asset market built around the trading platform. Similarly, listings on Upbit have been known to cause significant market fluctuations, leading to questions about transparency and fair practices.
Upbit Listings Remain Controversial
Recently, Upbit’s move to expand the Uniswap (UNI) trading pair caused a 150% volume spike for the decentralized exchange token. Similarly, the exchange’s popularity boosted Cat in a Dogs World (MEW) to a new peak, also following trading pair expansion. Other tokens that have benefited from trading activities on Upbit include Injective (INJ) and real-world asset (RWA) token Ondo Finance (ONDO).
Nevertheless, it is impossible to ignore the prevalence of South Korean traders engaging in “pump and dump” schemes, particularly for altcoins. As noted by CryptoQuant CEO Ki Yong Ju, some traders exploit Upbit’s listings to artificially inflate token prices before selling them off, leaving other investors at a loss.
“Korean crypto traders love pumping & dumping altcoins, ironically,” Young Ju noted, demonstrating with a video.
In addition, traders tend to exploit the Kimchi premium, a price gap between South Korean and overseas exchanges. While these practices are not directly linked to Upbit’s management, the exchange’s listings wield an undeniable influence on the market.
Meanwhile, even in the face of ongoing regulatory challenges, Upbit has recently taken steps to enhance transparency and user protection. In July, the exchange issued its first public disclosure under the newly enacted Virtual Asset User Protection Act. This testified to Upbit’s financial stability, user asset holdings, and risk management practices, reflecting an effort to align with changing regulatory standards.
Additionally, Upbit has made strides in global compliance. In January, it secured a Digital Payment Token Services License from Singapore’s Monetary Authority of Singapore (MAS). This milestone followed an earlier conditional approval from the same regulator. The license reflects Upbit’s commitment to regulatory adherence in international markets, even as it faces scrutiny at home.
Notwithstanding, the FIU’s findings could have far-reaching implications for Upbit, both domestically and internationally. While the financial watchdog has yet to announce definitive conclusions, the scale of potential violations could result in hefty fines.
Furthermore, besides reputation damage, the case may prompt broader discussions about KYC practices and regulatory compliance across South Korea’s growing crypto sector. Upbit’s influence as a market leader makes its actions particularly significant. Beyond dominating South Korea’s trading volume, Upbit also shapes trends and token adoption rates.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
Vitalik Buterin Proposes to Replace EVM with RISC-V

Ethereum (ETH) co-founder Vitalik Buterin has proposed overhauling the blockchain’s smart contract infrastructure by replacing the Ethereum Virtual Machine (EVM) with RISC-V, a widely adopted open-source instruction set architecture.
This shift aims to address one of Ethereum’s key scaling bottlenecks by dramatically improving the efficiency and simplicity of smart contract execution.
Buterin Proposes Ditching EVM for RISC-V
The proposal was detailed in a post on the Ethereum Magicians forum. In it, Buterin suggested that smart contracts could eventually be compiled to RISC-V rather than EVM bytecode.
According to Buterin, this shift addresses long-term scalability challenges. This particularly includes keeping block production competitive and improving zero-knowledge (ZK) EVM-proof efficiency.
“It aims to greatly improve the efficiency of the Ethereum execution layer, resolving one of the primary scaling bottlenecks, and can also greatly improve the execution layer’s simplicity – in fact, it is perhaps the only way to do so,” he wrote.
Current ZK-EVM implementations spend around half of their proving cycles on EVM execution. By switching to a native RISC-V VM, Ethereum could potentially achieve up to 100x efficiency gains.
Importantly, many fundamental aspects of Ethereum’s architecture would remain unchanged, preserving continuity for developers and users. Core abstractions such as accounts, smart contract storage, ETH balances, and cross-contract calls would function exactly as they do today.
Developers would still write contracts in familiar languages like Solidity or Vyper. These would simply be compiled to RISC-V rather than EVM bytecode. Tooling and workflows would remain largely intact, ensuring a smooth transition.
Crucially, the proposal ensures backward compatibility. Existing EVM contracts will remain fully operational and interoperable with new RISC-V contracts.
Buterin outlines several potential implementation paths forward. The first would support both EVM and RISC-V smart contracts natively. The second suggests wrapping EVM contracts to run via an interpreter written in RISC-V. Thus, it would enable a full transition without breaking compatibility.
The third, more modular approach, builds on the second by formally enshrining interpreters as part of the Ethereum protocol. This would allow the EVM and the future virtual machines to be supported in a standardized way.
Buterin stated that the idea is “equally as ambitious as the beam chain effort.”
“The beam chain effort holds great promise for greatly simplifying the consensus layer of Ethereum. But for the execution layer to see similar gains, this kind of radical change may be the only viable path,” Buterin added.
For context, the Ethereum Beam Chain is a redesign of Ethereum’s consensus layer (Beacon Chain). It focuses on faster block times, faster finality, chain snarkification, and quantum resistance. The development will likely begin in 2026.
This proposal fits into Ethereum’s broader vision of modularity, simplicity, and long-term scalability. Previously, BeInCrypto reported on Buterin’s privacy-centric plans for the blockchain.
The proposal focused on integrating privacy-preserving technologies. Moreover, the Pectra upgrade is also nearing, with the launch expected on May 7.
Meanwhile, ETH continues to face market headwinds, trading at March 2023 lows. This year has been quite hard for the altcoin, as it saw a decline of 50.8%. In fact, Ethereum dominance hit a 5-year low last week.

Nonetheless, BeInCrypto data showed a slight recovery over the last 14 days. ETH rose by 6.1%. Over the past day alone, it saw modest gains of 1.7%. At the time of writing, ETH was trading at $1,639.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
Solana Rallies Past Bitcoin—Momentum Tilts In Favor of SOL

Solana started a fresh increase from the $120 support zone. SOL price is now consolidating and might climb further above the $142 resistance zone.
- SOL price started a fresh increase above the $125 and $132 levels against the US Dollar.
- The price is now trading above $130 and the 100-hourly simple moving average.
- There is a connecting bullish trend line forming with support at $137 on the hourly chart of the SOL/USD pair (data source from Kraken).
- The pair could start a fresh increase if it clears the $142 resistance zone.
Solana Price Gains Over 5%
Solana price formed a base above the $120 support and started a fresh increase, like Bitcoin and Ethereum. SOL gained pace for a move above the $125 and $132 resistance levels.
The pair even spiked toward the $145 resistance zone. A high was formed at $143.06 and the price is now retreating lower. There was a move below the 23.6% Fib retracement level of the upward move from the $135 swing low to the $143 high.
Solana is now trading above $130 and the 100-hourly simple moving average. There is also a connecting bullish trend line forming with support at $137 on the hourly chart of the SOL/USD pair. The trend line is close to the 76.4% Fib retracement level of the upward move from the $135 swing low to the $143 high.
On the upside, the price is facing resistance near the $142 level. The next major resistance is near the $145 level. The main resistance could be $150. A successful close above the $150 resistance zone could set the pace for another steady increase. The next key resistance is $155. Any more gains might send the price toward the $165 level.
Pullback in SOL?
If SOL fails to rise above the $142 resistance, it could start another decline. Initial support on the downside is near the $138.50 zone. The first major support is near the $137 level and the trend line.
A break below the $137 level might send the price toward the $132 zone. If there is a close below the $132 support, the price could decline toward the $125 support in the near term.
Technical Indicators
Hourly MACD – The MACD for SOL/USD is gaining pace in the bullish zone.
Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level.
Major Support Levels – $137 and $132.
Major Resistance Levels – $142 and $145.
Market
Bitcoin Price Breakout In Progress—Momentum Builds Above Resistance

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Bitcoin price is slowly moving higher above the $86,500 zone. BTC is gaining pace and might continue higher in the near term.
- Bitcoin found support at $84,200 and started a recovery wave.
- The price is trading above $85,500 and the 100 hourly Simple moving average.
- There was a break above a connecting bearish trend line with resistance at $85,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start another increase if it clears the $88,000 zone.
Bitcoin Price Eyes Steady Increase
Bitcoin price remained stable above the $83,200 level and started a fresh increase. BTC was able to climb above the $84,200 and $85,000 resistance levels.
There was a break above a connecting bearish trend line with resistance at $85,000 on the hourly chart of the BTC/USD pair. The bulls were able to pump the price above the $86,500 resistance. It even spiked above $87,000. A high is formed near $87,562 and the price might continue to rise unless there is a move below the 23.6% Fib retracement level of the upward move from the $84,007 swing low to the $87,562 high.
Bitcoin price is now trading above $86,500 and the 100 hourly Simple moving average. On the upside, immediate resistance is near the $87,500 level. The first key resistance is near the $88,000 level.

The next key resistance could be $88,800. A close above the $88,800 resistance might send the price further higher. In the stated case, the price could rise and test the $89,500 resistance level. Any more gains might send the price toward the $90,000 level.
Downside Correction In BTC?
If Bitcoin fails to rise above the $88,000 resistance zone, it could start a downside correction. Immediate support on the downside is near the $87,000 level. The first major support is near the $86,750 level.
The next support is now near the $86,000 zone. Any more losses might send the price toward the $85,750 support or the 50% Fib retracement level of the upward move from the $84,007 swing low to the $87,562 high in the near term. The main support sits at $84,850.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $86,750, followed by $86,000.
Major Resistance Levels – $87,500 and $88,000.
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