#South Korean FIU Reviews Upbit for 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 21 regarding Upbit, focusing on violations of customer identification (KYC) obligations discovered during an on-site inspection of Upbit last August. The FIU identified approximately 500,000 to 600,000 suspected KYC violations, including cases where customers opened accounts despite submitting blurred ID information. The outcome of the review could 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, primarily focusing on violations of Know Your Customer (KYC) obligations discovered during an on-site inspection of the Virtual Asset Service Provider (VASP) registration renewal. It is reported that the FIU found around 500,000 to 600,000 suspected KYC violation cases during the on-site inspection of Upbit last August, including instances where customer-submitted ID information was blurry but accounts were still opened. This review will determine penalties and fines for Upbit employees and will focus on whether the KYC violations are linked to money laundering activities. The outcome of the review will impact Upbit's VASP registration renewal process, which was originally scheduled for completion in October last year but has been delayed due to this incident. Industry insiders anticipate that the VASP registration renewal process will gradually progress after this sanctions review.
Public Sentiment · Discussion Word Cloud
Public Sentiment
Discussion Word Cloud
Classic Views
Upbit is suspected of violating KYC obligations and may face penalties and fines.
FIU will hold a sanctions review committee for Upbit on January 21 to decide on penalty measures.
The review will focus on whether KYC violations are linked to money laundering activities.
The outcome of the review may affect Upbit's VASP renewal registration process.