#Upbit is under investigation for alleged irregularities.#
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 21, focusing on Upbit. This meeting is primarily centered around violations of Know Your Customer (KYC) obligations found during the FIU’s on-site inspection of Upbit last August. The review is expected to finalize the relevant fines and penalties, with a key focus on determining whether the KYC violations are linked to money laundering activities. Previous reports have indicated that the FIU inspection discovered approximately 500,000 to 600,000 suspected KYC violations involving instances where customer-submitted ID information was blurry but accounts were still opened. The outcome of this review could impact Upbit’s Virtual Asset Service Provider (VASP) re-registration process, which was originally scheduled for completion in October last year but has been delayed due to these issues.
Ace Hot Topic Analysis
Analysis
The Financial Intelligence Unit (FIU) of the Financial Services Commission (FSC) in South Korea will hold a sanctions review committee meeting on January 21st regarding Upbit. The focus of the meeting will be on the violation of Know Your Customer (KYC) obligations found during a site inspection of Upbit last August. It is understood that the FIU found approximately 500,000-600,000 suspected KYC violation cases during the inspection. These include instances where customers were able to open accounts despite submitting blurry identification information. The committee will decide on the disciplinary actions and fines for Upbit employees. The review will also focus on whether the KYC violations are related to money laundering activities. The outcome of the review will impact the renewal registration process for Upbit as a Virtual Asset Service Provider (VASP). The process was originally scheduled to be completed in October last year but has been delayed due to this incident. Industry experts expect that the renewal registration process for virtual asset service providers will gradually progress after the sanctions review.
Public Sentiment · Discussion Word Cloud
Public Sentiment
Discussion Word Cloud
Classic Views
Upbit is suspected of violating its KYC obligations and may face fines and penalties.
The FIU will hold a sanctions review committee on January 21st to determine the final punishment for Upbit.
This event could impact Upbit's Virtual Asset Service Provider (VASP) registration renewal process.
The FIU found approximately 500,000 to 600,000 suspected KYC violations during an on-site inspection, including cases where customers submitted blurry ID information but still completed account opening.