In today's crypto news, South Korea's Financial Intelligence Unit has flagged Upbit for 500,000 to 600,000 potential Know Your Customer (KYC) violations, impacting the exchange's business license renewal. Violations include allowing account openings with blurred personal identification, risking significant fines of approximately $71,500 per case. In U.S. markets, Bitcoin and Ether exchange-traded funds (ETFs) experienced their first outflows since the election of Donald Trump, with Bitcoin posting a net outflow of $400.7 million amidst a price drop. Ether ETFs also reported outflows as the cryptocurrency faced a nearly 5% decline to trade under $3,100. Meanwhile, Pennsylvania lawmaker Mike Cabell introduced a bill aimed at establishing a state Bitcoin reserve to hedge against inflation, reflecting economic concerns. This proposal has garnered positive reactions from the crypto community, being seen as a significant step for the sector.

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