#Upbit is being investigated for irregularities.#
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 determine the penalties and fines for Upbit employees, with a focus on whether the KYC violations are linked to money laundering activities. It is understood that the FIU inspection found approximately 500,000 to 600,000 suspected KYC violations at Upbit, including cases where customers submitted blurry ID information but still completed account opening. The outcome of this review could impact 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 incident.
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 21st regarding Upbit. The meeting will focus on violations of Know Your Customer (KYC) obligations identified during an on-site inspection of Upbit conducted by the FIU last August. It is reported that the FIU discovered approximately 500,000 to 600,000 suspected KYC violations during the inspection, including cases where accounts were opened despite blurry or unclear identification information submitted by customers. The review will determine the penalties and fines imposed on Upbit employees, with a particular focus on whether the KYC violations are linked to money laundering activities. The outcome of the review will impact the renewal of Upbit's Virtual Asset Service Provider (VASP) registration, which was originally scheduled to be completed in October last year but has been delayed due to this incident. Industry experts anticipate that the renewal 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 obligations and may face fines and penalties.
The FIU will hold a sanctions review committee on January 21 to determine specific penalties against Upbit.
Upbit has approximately 500,000 to 600,000 suspected KYC violations, including cases where customers submitted blurred ID information but still completed account opening.
The results of this review may affect Upbit's Virtual Asset Service Provider (VASP) registration renewal process.