#Upbit is suspected of violating KYC regulations.#
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. The main reason is that the FIU found violations of customer identification verification (KYC) obligations during an on-site inspection of Upbit last August. It is reported that there are about 500,000 to 600,000 suspected KYC violations at Upbit, including cases where customers completed account opening despite submitting unclear ID information. This review will decide on the penalties and fines against Upbit employees and focus on whether KYC violations are linked 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 was 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 on January 21st regarding Upbit, primarily addressing violations of Know Your Customer (KYC) obligations found during an on-site inspection last August. It is reported that the FIU inspection identified approximately 500,000 to 600,000 suspected KYC violations at Upbit, including instances where customers completed account openings despite submitting blurry identification information. This review will determine the penalties and fines for Upbit employees, focusing on whether the KYC violations are linked to money laundering activities. The outcome could affect Upbit's Virtual Asset Service Provider (VASP) re-registration process, which has been delayed due to this issue and is currently awaiting the resolution. Industry experts anticipate that the virtual asset service provider's re-registration process will progress gradually following this sanction review.
Public Sentiment · Discussion Word Cloud
Public Sentiment
Discussion Word Cloud
Classic Views
Upbit allegedly violated KYC obligations and may face fines and penalties.
FIU will hold a sanction review committee on January 21st to discuss Upbit's case. The result will determine the disciplinary actions and fines for Upbit employees.
Upbit's KYC violations may be related to money laundering activities, which FIU will focus on.
Upbit's VASP renewal registration process has been delayed due to KYC violations and is currently awaiting processing results.