#Upbit is under investigation for KYC violations.#
Hot Topic Overview
Overview
The Financial Intelligence Unit (FIU) of the Financial Services Commission of Korea will hold a sanction review committee meeting on January 21st regarding Upbit. The meeting will focus on violations of Know Your Customer (KYC) obligations found during an on-site inspection of Upbit last August. The FIU inspection reportedly discovered approximately 500,000 to 600,000 suspected KYC violations, including cases where customers were able to open accounts despite submitting blurry ID information. The outcome of this review could include disciplinary action against Upbit employees, the 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 meeting on January 21 regarding Upbit. The main reason for the meeting is that the FIU discovered violations of Know Your Customer (KYC) obligations during an on-site inspection of Upbit last August. The review will focus on whether the KYC violations are related to money laundering activities, and it may involve disciplinary action against Upbit employees and determination of the amount of fines. Previous reports indicate that the FIU inspection identified approximately 500,000 to 600,000 suspected KYC violations at Upbit, including cases where customers were able to open accounts despite submitting blurry ID information. The outcome of this review will 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 this incident.
Public Sentiment · Discussion Word Cloud
Public Sentiment
Discussion Word Cloud
Classic Views
Upbit is suspected of violating KYC obligations, and the Korean FIU will hold a sanctions review committee on January 21.
This review will determine the disciplinary action and fine amount for Upbit employees.
During an on-site inspection of Upbit last August, the FIU found approximately 500,000 to 600,000 suspected KYC violations, including cases where customers submitted blurry ID information but still completed account opening.
The outcome of this review could affect the progress of Upbit's renewal registration process as a virtual asset service provider (VASP).