#Upbit is under investigation for KYC violations.#
Hot Topic Overview
Overview
The Financial Information Analysis Institute (FIU) of the Financial Services Commission of Korea will hold a sanctions review committee meeting on January 21st regarding Upbit. The main reason for the meeting is that the FIU found violations of Know Your Customer (KYC) obligations during a field inspection of Upbit last August. It is reported that there are approximately 500,000 to 600,000 suspected KYC violations involving Upbit, including cases where customers opened accounts despite submitting blurry ID information. This review will determine penalties and fines for Upbit employees and will focus on whether the KYC violations are related to money laundering activities. The outcome of the review will impact Upbit’s Virtual Asset Service Provider (VASP) registration renewal process, which was originally scheduled to be completed in October but has been delayed due to this issue.
Ace Hot Topic Analysis
Analysis
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 found during an on-site inspection of Upbit last August. It is understood that the FIU inspection found approximately 500,000 to 600,000 suspected KYC violations at Upbit, including cases where customers were able to open accounts despite submitting blurry identification information. The review will determine the disciplinary actions and fines to be imposed on Upbit employees, with a particular focus on whether the KYC violations are linked to money laundering activities. The outcome of the review could affect Upbit's Virtual Asset Service Provider (VASP) registration renewal process. Upbit's registration renewal, originally scheduled for October last year, has been delayed due to this incident and is currently pending the outcome of the review.
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 mainly concerns the violation of customer identification (KYC) obligations found by the FIU during its on-site inspection of Upbit last August.
Related fines and penalties are expected to be finalized after the review, focusing on whether the KYC violations are linked to money laundering.
This review could affect Upbit's virtual asset service provider (VASP) renewal registration process.