#Upbit Under Investigation 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 meeting on January 21st regarding Upbit. The main reason for this meeting is the FIU's discovery of violations of customer identity verification (KYC) obligations during an on-site inspection of Upbit in August last year. This review will determine the disciplinary action and fine amount for Upbit employees, focusing on whether the KYC violations are related to money laundering. It is understood that the FIU inspection uncovered approximately 500,000 to 600,000 suspected KYC violation cases, including instances where customers submitted blurry ID information but were still allowed 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 sanctions review committee meeting on January 21st regarding Upbit. The main issue is the violation of customer identity verification (KYC) obligations found during an on-site inspection of Upbit last August. It is reported that the FIU discovered approximately 500,000 to 600,000 suspected KYC violations, including cases where customers submitted blurred ID information but still completed account registration. This review will determine the punishment for Upbit employees and the amount of fines, focusing on whether the KYC violations are related to money laundering. The results of the review will impact Upbit's virtual asset service provider (VASP) renewal registration process, which has been delayed due to this incident and is currently awaiting the outcome. This event has also raised concerns among industry insiders about the virtual asset service provider renewal registration process, which is expected to gradually move forward in the future.
Public Sentiment · Discussion Word Cloud
Public Sentiment
Discussion Word Cloud
Classic Views
Upbit is suspected of KYC violations, and the Korean FIU will hold a sanctions review committee on January 21.
This review mainly involves KYC violations discovered by the FIU during its on-site inspection of Upbit last August, and related fines and penalties are expected to be finalized after the review.
The focus is on whether the KYC violations are related to money laundering activities.
This review could affect Upbit's cryptocurrency service provider (VASP) renewal registration process.