#Upbit is under investigation for KYC violations.#
Hot Topic Overview
Overview
The Financial Intelligence Unit (FIU) of the Financial Services Commission of Korea will hold a sanction review committee meeting on January 21st regarding Upbit. The meeting will focus on the violation of Know Your Customer (KYC) obligations found during the FIU's on-site inspection of Upbit in August last year. The review will determine the penalties and fines for Upbit employees, and will focus on whether the KYC violations are linked to money laundering activities. According to reports, the FIU inspection found approximately 500,000 to 600,000 suspected KYC violations at Upbit, including cases where customers submitted blurred ID information but still completed account opening. 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 has been delayed due to this issue.
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 to discuss Upbit's alleged violations of Know Your Customer (KYC) obligations. These violations were identified during an on-site inspection by the FIU last August. It has been reported that the FIU inspection found approximately 500,000 to 600,000 suspected KYC violations, including cases where customers opened accounts with blurred identification documents. The review will decide on the punishment and fine amount for Upbit employees, with a focus on whether the KYC violations are related to money laundering activities. The results of the review could affect the renewal registration process of Upbit as a Virtual Asset Service Provider (VASP), which has been delayed due to this incident and is currently awaiting processing. Industry experts expect that the renewal registration process for virtual asset service providers will gradually move forward after this sanctions review.
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 will decide on the punishment and fines for Upbit employees.
The focus of the review is whether the KYC violation is related to money laundering.
The outcome of this review could affect Upbit's Virtual Asset Service Provider (VASP) renewal registration process.