#Upbit is investigated for KYC 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. The main reason is that the FIU found violations of customer identity verification (KYC) obligations during an on-site inspection of Upbit in August last year. It is reported that Upbit has approximately 500,000 to 600,000 suspected KYC violations, including 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, and it may affect Upbit's Virtual Asset Service Provider (VASP) renewal registration process. This incident has also raised industry concerns about the renewal registration process for virtual asset service providers, and it is expected that the process will be gradually promoted in the future.
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 primary reason for the meeting is that the FIU found violations of Know Your Customer (KYC) obligations during an on-site inspection of Upbit last August. It is understood that the FIU identified approximately 500,000-600,000 suspected KYC violations during the inspection, including cases where accounts were opened despite blurry ID information submitted by customers. The review will determine the disciplinary action against Upbit employees and the amount of fines, with a focus on whether the KYC violations are linked to money laundering activities. The outcome of the review will affect the renewal registration process for Upbit as a Virtual Asset Service Provider (VASP), which was initially scheduled to be completed last October but was delayed due to this issue. Industry insiders expect the renewal registration process for virtual asset service providers to gradually progress after this 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 involves KYC violations found by the FIU in its on-site inspection of Upbit last August, and related fines and penalties are expected to be finalized after the review.
The key is whether the KYC violation is related to money laundering.
This review may affect Upbit's virtual asset service provider (VASP) renewal registration process.