#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 violations of Know Your Customer (KYC) obligations discovered during an on-site inspection last August. According to sources, the FIU inspection found approximately 500,000 to 600,000 suspected KYC violations, including cases where customers submitted blurred ID information but still completed account opening. The outcome of the review may include disciplinary actions against Upbit employees and the determination of fines, potentially impacting the renewal of Upbit’s Virtual Asset Service Provider (VASP) registration process.
Ace Hot Topic Analysis
Analysis
The Financial Intelligence Unit (FIU) of the Financial Services Commission (FSC) in South Korea will hold a sanctions review committee meeting on January 21st to address violations of Know Your Customer (KYC) obligations found during an on-site inspection of Upbit last August. The FIU inspection reportedly identified approximately 500,000 to 600,000 suspected KYC violations, including instances where customers submitted blurry ID information yet still successfully opened accounts. The outcome of the review could involve disciplinary action against Upbit employees and determination of the fine amount, focusing on the potential connection between KYC violations and money laundering activities. The review may also impact Upbit's Virtual Asset Service Provider (VASP) registration renewal process, which was initially scheduled for October 2022 but was delayed due to the issue and remains pending.
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 will focus on whether the KYC violation is related to money laundering.
The FIU found approximately 500,000 suspected KYC violations in an on-site inspection of Upbit in August last year.
The outcome of this review could affect Upbit's Virtual Asset Service Provider (VASP) renewal registration process.