#Upbit KYC Review Due to Violations#
Hot Topic Overview
Overview
The Financial Intelligence Unit (FIU) of the Financial Services Commission of Korea will hold a sanctions review committee on January 21st regarding Upbit. The main reason for the review is that the FIU discovered violations of Know Your Customer (KYC) obligations during an on-site inspection of Upbit last August. It is understood that the FIU inspection identified approximately 500,000 to 600,000 suspected KYC violations, including cases where customers completed account registration despite submitting blurry ID information. The outcome of the review could involve disciplinary action against Upbit employees, the determination of fines, and potentially affect the update of Upbit’s registration as a Virtual Asset Service Provider (VASP).
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. The meeting will primarily focus on violations of Know Your Customer (KYC) obligations discovered during an on-site inspection of Upbit in August last year. It is understood that the FIU found approximately 500,000 to 600,000 suspected KYC violations during the inspection, including cases where customers opened accounts despite submitting blurry ID information. The review will decide on penalties and fines for Upbit employees, with a focus on whether the KYC violations are linked to money laundering activities. The outcome of the review will affect Upbit's Virtual Asset Service Provider (VASP) re-registration process, which was originally scheduled to be completed in October last year but has been delayed due to this incident. Industry experts anticipate that the re-registration process for virtual asset service providers will gradually progress after the 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.
The review result 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 its on-site inspection of Upbit last August, focusing on whether the KYC violation is related to money laundering.
This review could affect Upbit's virtual asset service provider (VASP) renewal registration process.