#Upbit Fined#
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. The review will primarily focus on violations of Know Your Customer (KYC) obligations discovered during an on-site inspection of Upbit in August last year. It is understood that the FIU inspection found approximately 500,000 to 600,000 suspected KYC violations, including cases where accounts were opened despite blurred ID information submitted by customers. The outcome of this review may involve disciplinary action against Upbit employees, determination of fines, and potentially impact the renewal of Upbit's registration as a Virtual Asset Service Provider (VASP).
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 the violation of customer identification (KYC) obligations discovered during the FIU's on-site inspection of Upbit last August. It is reported that the FIU inspection found approximately 500,000 to 600,000 suspected KYC violations, including cases where accounts were opened despite blurred ID information submitted by customers. The outcome of this review may involve disciplinary actions against Upbit employees and the determination of the fine amount, with a particular focus on whether the KYC violations are linked to money laundering activities. This review may also impact the renewal process of Upbit's virtual asset service provider (VASP) registration. Upbit's registration renewal, originally scheduled for October last year, was delayed due to this issue and is currently awaiting the outcome.
Public Sentiment · Discussion Word Cloud
Public Sentiment
Discussion Word Cloud
Classic Views
Upbit is suspected of violating KYC regulations and may face fines and penalties for its employees.
The FIU will hold a sanctions review committee on January 21st to determine the final amount of fines and penalties against Upbit.
The focus of this review is whether the KYC violations are related to money laundering activities.
Upbit's VASP update registration process may be affected by this incident.