#South Korean Upbit fined#
Hot Topic Overview
Overview
South Korean cryptocurrency exchange Upbit is facing sanctions review from the Financial Intelligence Unit (FIU) of the Financial Services Commission (FSC) for alleged violations of customer identity verification (KYC) obligations.The FIU will hold a sanctions review committee meeting on January 21st regarding Upbit. The outcome of the review may include disciplinary actions against Upbit employees and a determination of the amount of fines. The review focuses on approximately 500,000 to 600,000 suspected KYC violations discovered during an on-site inspection of Upbit by the FIU last August. These include cases where accounts were opened despite blurry ID information submitted by customers. The outcome of this review will affect Upbit's Virtual Asset Service Provider (VASP) renewal registration process, which was originally scheduled to be completed in October last year but has been delayed due to this issue.
Ace Hot Topic Analysis
Analysis
The Financial Intelligence Unit (FIU) of the Financial Services Commission of Korea will hold a sanction review committee meeting on January 21 regarding Upbit, primarily focusing on violations of Know Your Customer (KYC) obligations discovered during an on-site inspection of Upbit last August. This deliberation will determine the amount of fines and penalties imposed on Upbit, with a particular emphasis on whether the KYC violations are linked to money laundering activities. Sources indicate that the FIU inspection revealed approximately 500,000 to 600,000 suspected KYC violations involving Upbit, including instances where customers opened accounts despite submitting blurred ID information. The outcome of this review could significantly impact Upbit's Virtual Asset Service Provider (VASP) re-registration process, which was originally scheduled for completion in October last year but has been delayed due to this issue. Industry experts anticipate that the re-registration process for virtual asset service providers will gradually progress following the conclusion of this sanction review.
Public Sentiment · Discussion Word Cloud
Public Sentiment
Discussion Word Cloud
Classic Views
Upbit is suspected of violating KYC regulations, and the Korean FIU will hold a sanctions review committee on January 21.
This review will determine the disciplinary action and fines against Upbit employees.
The focus of the review will be on whether the KYC violations are related to money laundering activities.
The outcome of this review could affect Upbit's virtual asset service provider (VASP) renewal registration process.