#Upbit is being investigated 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 21 regarding Upbit. The main reason for the review is that the FIU found violations of Know Your Customer (KYC) obligations during its on-site inspection of Upbit in August last year. It is reported that there are approximately 500,000 to 600,000 suspected KYC violations at Upbit, including cases where customers opened accounts with blurry ID card information. The review will determine the punishment and fine amount for Upbit employees, and may affect Upbit's Virtual Asset Service Provider (VASP) re-registration process. The focus of the review is whether the KYC violations are related to money laundering activities.
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 21 regarding Upbit. The main reason for the meeting is that the FIU found violations of customer identity verification (KYC) obligations during an on-site inspection of Upbit last August. It is understood that the review will focus on whether the KYC violations are related to money laundering activities, and may involve disciplinary action against Upbit employees and the determination of fine amounts. Previous reports indicate that the FIU inspection found approximately 500,000-600,000 suspected KYC violations, including cases where customers submitted blurry ID information but were still able to open accounts. The outcome of this review will impact 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.
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 involves the violation of customer identity verification (KYC) obligations found by the FIU during its on-site inspection of Upbit last August.
The review results may involve disciplinary action against Upbit employees and the determination of fines, and may affect Upbit's cryptocurrency asset service provider (VASP) renewal registration process.
The FIU inspection found approximately 500,000 to 600,000 suspected KYC violations at Upbit, including cases where customers submitted blurred ID information but still completed account opening.