#South Korea's FIU reviews Upbit for violations#
Hot Topic Overview
Overview
The Financial Information Analysis Institute (FIU) of the Financial Services Commission of Korea will hold a sanctions review committee meeting on January 21st regarding Upbit. The meeting will focus on violations of Know Your Customer (KYC) obligations found during an on-site inspection of Upbit in August last year. This review will determine the penalties and fines for Upbit employees, particularly focusing on whether the KYC violations are linked to money laundering activities. It is reported that the FIU inspection identified approximately 500,000 to 600,000 suspected KYC violations, including cases where customers submitted blurry ID information but were still able to open accounts. The outcome of this review will impact Upbit's Virtual Asset Service Provider (VASP) registration renewal process, which was originally scheduled to be completed in October last year 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 deliberation committee for Upbit on January 21, focusing on violations of customer identification (KYC) obligations found during an on-site inspection of Upbit in August last year. It is reported that the FIU inspection discovered about 500,000 to 600,000 suspected KYC violations, including cases where customers' submitted ID information was unclear but accounts were still opened. This deliberation will decide the penalties and fines for Upbit employees and focus on whether the KYC violations are related to money laundering activities. The deliberation results 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 incident. This incident has also raised concerns among industry insiders about the renewal registration process for virtual asset service providers. It is expected that the process will be gradually advanced in the future.
Public Sentiment · Discussion Word Cloud
Public Sentiment
Discussion Word Cloud
Classic Views
Upbit is suspected of violating KYC regulations, and the FIU will hold a sanctions review committee on January 21.
The review results may involve disciplinary action against Upbit employees and the determination of the amount of fines.
This review mainly concerns the violation of customer identification verification (KYC) obligations found by the FIU during its on-site inspection of Upbit last August.
This review may affect the renewal registration process for Upbit's virtual asset service provider (VASP).