#Upbit is being 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, primarily focusing on violations of customer identification verification (KYC) obligations discovered during a field inspection of Upbit last August. The FIU identified approximately 500,000 to 600,000 suspected KYC violations, including cases where customers opened accounts despite submitting blurry ID information. The outcome of this review may involve disciplinary actions against Upbit employees and the determination of fine amounts. It could also 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 sanction deliberation committee on January 21st regarding Upbit, focusing on violations of Know Your Customer (KYC) obligations discovered during an on-site inspection of Upbit last August. According to sources, the FIU inspection found approximately 500,000-600,000 suspected KYC violations, including cases where customers were able to open accounts despite submitting blurry ID information. The deliberation will decide on the punishment of Upbit employees and the amount of fines, paying close attention to the potential link between the KYC violations and money laundering activities. The outcome of the deliberation may impact the renewal registration process for Upbit as a Virtual Asset Service Provider (VASP), which was originally scheduled for completion in October last year but was delayed due to this incident. Currently, industry insiders anticipate that the renewal registration process for virtual asset service providers will gradually proceed following the sanction deliberation.
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.
The review results may involve disciplinary action against Upbit employees and the determination of the amount of fines.
This review mainly involves the violation of customer identity verification (KYC) obligations found by the FIU during a site inspection of Upbit last August, and related fines and penalties are expected to be finalized after the review.
The FIU inspection found about 500,000 to 600,000 suspected KYC violations, including cases where customers submitted blurry ID information but still completed account opening.