### South Korea's FIU to Review Upbit for Violations#
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, mainly focusing on violations of Know Your Customer (KYC) obligations discovered during an on-site inspection of Upbit in August last year. It is reported that the FIU inspection found 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 this review could involve disciplinary action against Upbit employees, determination of the amount of fines, and potentially impact Upbit's virtual asset service provider (VASP) registration renewal process.
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 21st regarding Upbit, focusing on KYC (Know Your Customer) obligation violations found during an on-site inspection of Upbit last August. The FIU has identified approximately 500,000 to 600,000 suspected KYC violations, including cases where customers opened accounts with blurry ID information. This review will decide on the penalties and fines against Upbit employees, with a particular emphasis on whether the KYC violations are linked to money laundering activities. The outcome of the review will 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. Industry insiders predict that the update registration process for virtual asset service providers will gradually proceed after this sanctions review.
Public Sentiment · Discussion Word Cloud
Public Sentiment
Discussion Word Cloud
Classic Views
Upbit is suspected of violating KYC regulations, and the FIU will hold a sanction review committee on January 21.
The review result may involve disciplinary action against Upbit employees and determination of the amount of fines.
This review primarily concerns the violation of customer identification verification (KYC) obligations discovered by the FIU during its on-site inspection of Upbit last August.
This review may affect the renewal registration process of Upbit as a virtual asset service provider (VASP).