#Upbit suspected of violating KYC regulations#

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 main reason for this is that the FIU discovered violations of customer identity verification (KYC) obligations during an on-site inspection of Upbit last August. It is understood that the review will focus on whether the KYC violations are related to money laundering and may involve disciplinary action against Upbit employees and the determination of the amount of fines. Previous reports indicate that the FIU inspection found about 500,000 to 600,000 suspected KYC violations at Upbit, including cases where customers submitted blurred ID information but were still able to open accounts. The outcome of this review will affect Upbit's Virtual Asset Service Provider (VASP) registration renewal process, which was originally scheduled to be completed in October last year but was delayed due to this incident. Industry experts expect that the virtual asset service provider's registration renewal process will gradually move forward after this sanction review.