#Upbit is being investigated for KYC violations.#
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 focus on the KYC (Know Your Customer) obligation violations found by the FIU during its on-site inspection of Upbit in August last year. This review may involve disciplinary actions against Upbit employees and the determination of fines, potentially affecting Upbit's Virtual Asset Service Provider (VASP) re-registration process. According to reports, the FIU inspection discovered approximately 500,000 to 600,000 suspected KYC violations involving cases where accounts were opened despite blurry identity information submitted by customers. The review will focus on whether the KYC violations are linked to money laundering activities.
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 21st regarding Upbit. The meeting will primarily focus on violations of customer identity verification (KYC) obligations discovered during an on-site inspection of Upbit in August last year. It is reported that the FIU inspection revealed approximately 500,000 to 600,000 suspected KYC violations at Upbit, including cases where customers completed account opening despite submitting blurry identity card information. The review will determine the disciplinary actions and fines for Upbit employees and will particularly focus on whether the KYC violations are related to money laundering activities. The outcome of the review could impact 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. This event highlights the stringent KYC compliance requirements imposed by Korean regulators on cryptocurrency exchanges and could potentially affect the re-registration process of other virtual asset service providers.
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 mainly involves KYC violations found by the FIU in its on-site inspection of Upbit in August last year, and related fines and penalties are expected to be finalized after the review.
The FIU inspection found approximately 500,000 to 600,000 suspected KYC violations by Upbit, including cases where customers submitted blurry ID information but still completed account opening.
This review may affect Upbit's virtual asset service provider (VASP) renewal registration process.