#Upbit under investigation 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 on January 21st regarding Upbit, focusing on violations of Know Your Customer (KYC) obligations discovered during an on-site inspection of Upbit in August last year. The review will determine the disciplinary action and fine amount for Upbit employees, with a particular focus on whether the KYC violations are linked to money laundering. It is reported that the FIU inspection revealed approximately 500,000 to 600,000 suspected KYC violations at Upbit, including cases where customers submitted blurry ID information but were still able to complete account opening. The outcome of this review could 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.
Ace Hot Topic Analysis
Analysis
The Financial Intelligence Unit (FIU) of the Financial Services Commission of Korea will hold a sanction review committee on Upbit on January 21, mainly due to KYC (Know Your Customer) obligation violations found during a field 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 the amount of fines. Previous reports have indicated that the FIU inspection found about 500,000 to 600,000 suspected KYC violations at Upbit, including cases where customers submitted blurred ID information but still completed account opening. The outcome of this review could affect Upbit's Virtual Asset Service Provider (VASP) re-registration process, which was originally scheduled to be completed in October last year but has been delayed due to the incident. Industry insiders predict that the re-registration process for virtual asset service providers will gradually proceed after the conclusion of this sanction review.
Public Sentiment · Discussion Word Cloud
Public Sentiment
Discussion Word Cloud
Classic Views
Upbit has KYC violations, including cases where customers submitted blurry ID information but still opened accounts.
The FIU will hold a sanction review committee on January 21st to discuss sanctions against Upbit, with possible outcomes including disciplinary action against Upbit employees and determining the amount of fines.
The review will focus on whether the KYC violations are related to money laundering.
The outcome of this review could affect Upbit's Virtual Asset Service Provider (VASP) re-registration process.