#Upbit suspected of violating KYC regulations#
Hot Topic Overview
Overview
The Financial Intelligence Unit (FIU) of the Financial Services Commission of Korea will hold a sanctions review committee meeting on January 21st regarding Upbit. The meeting will focus on the violation of Know Your Customer (KYC) obligations discovered during the FIU’s on-site inspection of Upbit last August. It is reported that there are approximately 500,000 to 600,000 suspected KYC violations, including cases where accounts were opened despite blurry ID information provided by customers. The outcome of the review may involve disciplinary action against Upbit employees and the determination of the amount of fines. It could also impact the renewal of Upbit's registration as a Virtual Asset Service Provider (VASP).
Ace Hot Topic Analysis
Analysis
The Financial Intelligence Unit (FIU) of the Financial Services Commission of Korea will hold a sanction review committee meeting on January 21st regarding Upbit. The main issue being discussed is the violation of Know Your Customer (KYC) obligations that the FIU found during an on-site inspection of Upbit last August. It is reported that the FIU inspection revealed approximately 500,000 to 600,000 suspected KYC violations at Upbit, including cases where accounts were opened despite unclear identification information submitted by customers. The outcome of this review could involve disciplinary actions against Upbit employees and the determination of fines. The focus will be on whether the KYC violations are related to money laundering activities. This review may also affect the renewal of Upbit's Virtual Asset Service Provider (VASP) registration process. The registration renewal, originally scheduled for October last year, was delayed due to this incident and is currently awaiting processing.
Public Sentiment · Discussion Word Cloud
Public Sentiment
Discussion Word Cloud
Classic Views
Upbit suspected KYC violations, could face fines and employee disciplinary actions.
FIU will hold a sanctions review committee on Upbit on January 21, focusing on whether the KYC violations are related to money laundering.
Upbit has about 500,000 to 600,000 suspected KYC violations, including cases where customers submitted blurry ID information but still completed account opening.
This review could impact Upbit's Virtual Asset Service Provider (VASP) registration renewal process.