#Upbit is under investigation for violations.#
Hot Topic Overview
Overview
The Financial Intelligence Unit (FIU) of the Financial Services Commission of Korea will hold a sanctions review committee on January 21st regarding Upbit, primarily focusing on violations of Know Your Customer (KYC) obligations discovered during an on-site inspection of Upbit last August. This review may involve disciplinary action against Upbit employees and the determination of fines, potentially impacting Upbit's Virtual Asset Service Provider (VASP) re-registration process. It is reported that the FIU inspection identified approximately 500,000 to 600,000 suspected KYC violations, including cases where customers submitted blurry ID information but still had their accounts opened. The review will focus on whether the KYC violations are related to money laundering activities.
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 focusing on violations of Know Your Customer (KYC) obligations discovered during a site inspection of Upbit last August. It is reported that the FIU inspection found approximately 500,000 to 600,000 suspected KYC violations at Upbit, including cases where customer-submitted ID information was blurry but accounts were still opened. This review will determine the disciplinary actions and fines to be imposed on Upbit employees, with a particular focus on whether the KYC violations are linked to money laundering activities. The outcome of this review will impact Upbit's Virtual Asset Service Provider (VASP) renewal registration process, which was originally scheduled to be completed last October but has been delayed due to this incident. Industry insiders anticipate that the renewal registration process for virtual asset service providers will gradually progress after this sanctions review.
Public Sentiment · Discussion Word Cloud
Public Sentiment
Discussion Word Cloud
Classic Views
Upbit is suspected of violating KYC obligations and may face fines and penalties.
FIU will hold a sanctions review committee on Upbit on January 21, and the results will affect Upbit's VASP renewal registration process.
Upbit's KYC violations may be related to money laundering.
The number of KYC violations by Upbit is huge, about 500,000 to 600,000.