#Upbit is under review for alleged violations.#

The Financial Information Analysis Institute (FIU) of the Financial Services Commission of Korea will hold a sanction deliberation committee on Upbit on January 21, focusing on violations of Know Your Customer (KYC) obligations discovered during an on-site inspection of the Virtual Asset Service Provider (VASP) registration renewal. It is understood that the FIU found about 500,000 to 600,000 suspected KYC violations during its on-site inspection of Upbit in August last year, including cases where customers submitted blurred ID information but still completed account openings. This deliberation will determine the disciplinary action against Upbit employees and the amount of fines, focusing on whether the KYC violations are linked to money laundering activities. The results of the deliberation will affect Upbit's VASP renewal registration process, which was originally scheduled to be completed in October last year but has been delayed due to this incident. Industry insiders expect that the VASP renewal registration process will gradually progress after this sanction deliberation.