#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 sanctions review committee meeting on January 21st regarding Upbit. The main reason for the meeting is that the FIU found violations of Know Your Customer (KYC) obligations during an on-site inspection of Upbit last August. This review will decide on the penalties and fines against Upbit employees, focusing on whether the KYC violations are related to money laundering activities. According to reports, the FIU inspection found around 500,000 to 600,000 suspected KYC violations in Upbit, including cases where customers submitted blurred ID information but still completed account opening. The outcome of this review will affect Upbit's Virtual Asset Service Provider (VASP) registration renewal process, which has been delayed due to the incident and is currently 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 Know Your Customer (KYC) obligations found during an on-site inspection of Upbit last August. It is reported that the FIU inspection revealed approximately 500,000 to 600,000 suspected KYC violations, including instances where accounts were opened despite blurred ID information provided by customers. This review will determine the disciplinary action against Upbit employees and the amount of fines, with particular attention to whether KYC violations are related to money laundering activities. The outcome of the review may impact the renewal registration process of Upbit as a Virtual Asset Service Provider (VASP), which has been delayed due to this incident and is currently awaiting the outcome.
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 focuses on the KYC violations found by the FIU during its on-site inspection of Upbit in August last year, 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 at Upbit, including cases where customers submitted blurry ID information but still completed account opening.
This review may affect Upbit's Virtual Asset Service Provider (VASP) renewal registration process.