#Upbit is under investigation for KYC violations.#
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 regarding Upbit, primarily focusing on violations of customer identification (KYC) obligations discovered during a previous on-site inspection. The meeting will decide on disciplinary actions against Upbit employees and the amount of fines, and may potentially impact Upbit's Virtual Asset Service Provider (VASP) registration renewal process. According to reports, the FIU found approximately 500,000 to 600,000 suspected KYC violations during its inspection in August last year, including cases where accounts were opened despite blurry identification information provided by customers. This meeting will specifically focus on whether the KYC violations are linked 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 meeting on January 21 regarding Upbit, focusing on violations of customer identity verification (KYC) obligations discovered during an on-site inspection of Upbit last August. It is reported that the FIU found approximately 500,000 to 600,000 suspected KYC violations during the inspection, including cases where customers completed account openings despite submitting blurred ID information. The review will determine the disciplinary action against Upbit employees and the amount of fines, and will focus on whether the KYC violations are related to money laundering activities. The results of this review will affect Upbit's Virtual Asset Service Provider (VASP) renewal registration process, which was originally scheduled to be completed in October last year but has been delayed due to this incident. Industry experts predict that the renewal registration process for virtual asset service providers will gradually proceed after this sanctions review.
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.
This review mainly involves the KYC obligation violations found by the FIU during its on-site inspection of Upbit in August last year.
The review results may involve disciplinary action against Upbit employees and determination of the amount of fines, and may affect Upbit's Virtual Asset Service Provider (VASP) renewal registration process.
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. This review focuses on whether the KYC violations are related to money laundering.