Upbit Changes BIGTIME Token Supply After Regulatory Fine

• Upbit adjusts BIGTIME’s circulating supply, increasing market interest and performance.  
• BIGTIME’s price recovers after a dip, signaling regained market confidence.  
• Upbit faces sanctions for KYC violations, restricting new users’ deposits and withdrawals.

Upbit, South Korea’s cryptocurrency exchange, has announced an adjustment to BIGTIME’s circulating supply plan following a request from the project’s team. This update comes as BIGTIME, currently ranked #342 by market capitalization, shows positive market performance. 

The project’s circulating supply is now 1.71 billion BIGTIME out of a total of 5 billion coins. Currently, BIGTIME is priced at $0.06482, showing a 2.66% increase over the past day.

BIGTIME Price Recovers After Dip 

BIGTIME’s price chart shows a period of decline followed by a recovery earlier today. The price fell to a low of $0.06283 before rebounding. This upward movement indicates that market confidence in the asset is returning.

In addition, BIGTIME’s fully diluted valuation (FDV) is reported at $324.1 million. This points to potential growth for the cryptocurrency as it gains attention in the current market.

Related: Why SHIB, BIGTIME, MKR, RNDR Could Be Ready to Move

Upbit Under Regulatory Scrutiny for KYC Lapses

However, Upbit’s recent announcement about BIGTIME’s circulating supply update happens as the platform faces regulatory scrutiny. South Korea’s Financial Intelligence Unit (FIU) is investigating the exchange. The FIU has charged Upbit with not fully meeting Know Your Customer (KYC) regulations.

The FIU claims Upbit processed transactions from users who submitted incomplete or blurry ID documents. Because of these violations, new users will not be able to make crypto deposits or withdrawals from March 7 to June 6.

Existing Users Unaffected, Potential Sanction Changes

Despite the restrictions for new users, existing customers will still be able to trade as usual during this period. The sanctions result from violations of the Specific Financial Information Act. This law requires virtual asset exchanges to verify customer identities and report financial transactions accurately.

Upbit has acknowledged the sanctions. They stated they have taken corrective actions based on the FIU’s findings. The company suggested that some of the sanctions may be revised. They indicated that certain facts and circumstances may not have been fully considered during the initial review.

Related: Upbit Faces Sanctions in South Korea Over AML Shortcomings

In an official statement, Upbit said that the measures imposed by the FIU could change following regulatory procedures. Should the sanctions be lifted or altered, new members can once again access the exchange’s services without limitations.