#Upbit was fined.#
Hot Topic Overview
Overview
The Financial Intelligence Unit (FIU) of the Financial Services Commission of Korea will hold a sanctions review committee on January 21st regarding Upbit, primarily focusing on violations of customer identification verification (KYC) obligations discovered during an on-site inspection of Upbit conducted by the FIU last August. This review will determine the fines and penalties to be imposed on Upbit, particularly focusing on whether the KYC violations are linked to money laundering activities. Previous reports indicate that the FIU inspection identified approximately 500,000 to 600,000 suspected KYC violations, including cases where accounts were opened despite blurry identity document submissions. The outcome of this review could potentially affect Upbit's Virtual Asset Service Provider (VASP) registration renewal process, which was originally scheduled to be completed in October last year but has been delayed due to this incident.
Ace Hot Topic Analysis
Analysis
The Financial Intelligence Unit (FIU) of the Financial Services Commission of Korea will hold a sanctions review committee on January 21 regarding Upbit, focusing on violations of Know Your Customer (KYC) obligations discovered during a recent on-site inspection. The FIU reportedly found approximately 500,000 to 600,000 suspected KYC violations during the inspection last August. This includes cases where customers submitted blurry ID information but were still able to open accounts. The review will determine the punishment and fine amount for Upbit employees, with a particular focus on whether the KYC violations are linked to money laundering activities. The outcome of the review will impact Upbit's Virtual Asset Service Provider (VASP) registration renewal process. The renewal, originally scheduled for October 2022, has been delayed due to this incident and is currently awaiting the outcome. Industry experts anticipate that the registration renewal process for virtual asset service providers will progress gradually after the sanctions review is complete.
Public Sentiment · Discussion Word Cloud
Public Sentiment
Discussion Word Cloud
Classic Views
Upbit is suspected of violating KYC regulations, and the Korea FIU will hold a sanctions review committee on January 21.
This review will determine the disciplinary action and fines against Upbit employees.
The focus of the review is whether the KYC violation is related to money laundering.
The outcome of this review may affect Upbit's virtual asset service provider (VASP) renewal registration process.