#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. The main reason is that the FIU found violations of customer identification verification (KYC) obligations during an on-site inspection of Upbit last August. It is reported that Upbit has about 500,000 to 600,000 suspected KYC violation cases, including instances where customers submitted blurred ID information but were still able to open accounts. The outcome of this review could involve disciplinary action against Upbit employees, determination of fines, and potential impact on Upbit's Virtual Asset Service Provider (VASP) registration renewal process. Currently, Upbit's registration renewal, originally scheduled for completion in October last year, has been delayed due to this issue and is still pending.
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 identification verification (KYC) obligations discovered during an on-site inspection of Upbit last August. The FIU inspection reportedly found approximately 500,000 to 600,000 suspected KYC violations at Upbit, including cases where customers were able to open accounts despite submitting blurry ID information. This review will determine disciplinary actions against Upbit employees and the amount of fines, with a particular focus on whether the KYC violations are linked to money laundering activities. The outcome of this review could impact Upbit's virtual asset service provider (VASP) re-registration process, which was originally scheduled to be completed in October but has been delayed due to this incident.
Public Sentiment · Discussion Word Cloud
Public Sentiment
Discussion Word Cloud
Classic Views
Upbit is suspected of violating KYC regulations, and the Korean FIU will hold a sanctions review committee on January 21.
This review will decide on the punishment and fine amount for Upbit employees.
During a site inspection of Upbit last August, the FIU found about 500,000 to 600,000 suspected cases of KYC violations, including cases where customers submitted blurry ID information but still completed account opening.
The outcome of this review could affect Upbit's Virtual Asset Service Provider (VASP) renewal registration process.