#Upbit is investigated 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 on January 21st regarding Upbit, focusing on violations of customer identification (KYC) obligations found during an on-site inspection of Upbit last August. It is reported that the FIU inspection identified approximately 500,000 to 600,000 suspected KYC violations involving accounts opened despite blurry ID submissions. The outcome of the review may involve disciplinary actions against Upbit employees, determination of the amount of fines, and could potentially impact Upbit’s virtual asset service provider (VASP) re-registration process.
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 the sanctions against Upbit. The meeting will focus on the violation of Know Your Customer (KYC) obligations discovered during the FIU's on-site inspection of Upbit last August. According to reports, the FIU inspection discovered approximately 500,000 to 600,000 suspected KYC violations, including cases where accounts were opened with blurred ID card information submitted by customers. The review will determine the disciplinary measures and fines against Upbit employees, with a particular focus on whether the KYC violations are related to money laundering. The outcome of the 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 incident. This event may also impact the renewal registration process for virtual asset service providers in Korea. The process is expected to proceed gradually in the future.
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 mainly involves KYC violations found by the FIU during its on-site inspection of Upbit last August, and relevant fines and penalties are expected to be finalized after the review.
The FIU inspection found about 500,000 to 600,000 suspected KYC violation cases in Upbit, including cases where customers submitted blurry ID information but still completed account opening.
This review may affect Upbit's Virtual Asset Service Provider (VASP) registration renewal process.