#Upbit is being investigated for KYC violations.#
Hot Topic Overview
Overview
The Financial Information Analysis Institute (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 last August. This review will determine the penalties and fines against Upbit employees and will focus on whether the KYC violations are linked to money laundering. The FIU inspection reportedly found approximately 500,000 to 600,000 suspected KYC violations at Upbit, including cases where customer-submitted ID information was blurry but accounts were still opened. 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 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 January 21st regarding Upbit. The main reason for the review is the FIU’s discovery of 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 linked to money laundering activities and may involve disciplinary actions against Upbit employees and the determination of fines. The outcome of this review will affect Upbit's Virtual Asset Service Provider (VASP) registration renewal process, which was originally scheduled for completion in October last year but has been delayed due to this incident. Reports suggest that the FIU inspection uncovered approximately 500,000 to 600,000 suspected KYC violations at Upbit, including instances where accounts were opened despite blurry identity document submissions. The outcome of this review will have a significant impact on the Korean cryptocurrency industry and could trigger other cryptocurrency exchanges to scrutinize their own KYC compliance.
Public Sentiment · Discussion Word Cloud
Public Sentiment
Discussion Word Cloud
Classic Views
Upbit is suspected of violating KYC regulations, and the Korea FIU will hold a sanctions review committee on January 21.
This review mainly involves the violation of customer identity verification (KYC) obligations found by the FIU during its on-site inspection of Upbit in August last year.
The review results may involve the determination of disciplinary measures against Upbit employees and the amount of fines, focusing on whether the KYC violations are related to money laundering.
This review may affect Upbit's Virtual Asset Service Provider (VASP) renewal registration process.