#Upbit is being investigated for 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 21, focusing on violations of Know Your Customer (KYC) obligations found during an on-site inspection of Upbit last August. This review could impact Upbit's Virtual Asset Service Provider (VASP) re-registration process, with expected outcomes including disciplinary action against Upbit employees and a fine amount. The committee will also investigate whether the KYC violations are related to money laundering activities. Previous reports indicated that the FIU inspection uncovered approximately 500,000-600,000 suspected KYC violations at Upbit, including cases where accounts were opened despite blurry identification information submitted by customers.
Ace Hot Topic Analysis
Analysis
The Financial Intelligence Unit (FIU) of the Financial Services Commission of Korea will hold a sanction review committee meeting on January 21st regarding Upbit. The meeting primarily focuses on the violation of Know Your Customer (KYC) obligations found during an on-site inspection of Upbit in August last year. The FIU discovered approximately 500,000 to 600,000 suspected KYC violations, including cases where customers opened accounts with blurry ID information. The review will decide on disciplinary actions and fines for Upbit employees, with a particular focus on the potential link between KYC violations and money laundering activities. The outcome of the review could affect 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 issue. Industry experts predict that the update registration process for virtual asset service providers will gradually progress after the sanction review.
Public Sentiment · Discussion Word Cloud
Public Sentiment
Discussion Word Cloud
Classic Views
Upbit may face fines and penalties for allegedly violating KYC obligations.
FIU will hold a sanction review committee on January 21st to discuss sanctions against Upbit, the outcome of which will determine the disciplinary action and fines for Upbit employees.
The review will focus on whether the KYC violations are linked to money laundering activities.
Upbit's VASP registration renewal process may be affected by this review.