#Upbit is being investigated for KYC violations.#
Hot Topic Overview
Overview
The Financial Information Analysis Institute (FIU) of the Financial Services Commission of Korea will hold a sanctions review committee meeting on January 21 regarding Upbit. The meeting will focus on violations of customer identification (KYC) obligations found during the FIU's on-site inspection of Upbit last August. According to reports, the FIU inspection identified approximately 500,000 to 600,000 suspected KYC violations at Upbit, including cases where customers submitted blurry ID information but were still allowed to open accounts. The outcome of the review may involve disciplinary action against Upbit employees and the determination of fines, potentially impacting Upbit's Virtual Asset Service Provider (VASP) registration renewal process.
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 the alleged violation of Know Your Customer (KYC) obligations identified during the FIU's on-site inspection of Upbit last August. According to reports, the FIU inspection found approximately 500,000 to 600,000 suspected KYC violations, including instances where accounts were opened with blurred ID information submitted by customers. This review will determine the disciplinary actions and fines for Upbit employees, with a particular focus on the potential connection between KYC violations and money laundering activities. The outcome of the review could impact Upbit's Virtual Asset Service Provider (VASP) registration renewal process, which has been delayed due to this incident and is currently awaiting the result. The incident has also raised concerns among industry professionals about the renewal process for virtual asset service providers, with expectations that the process will gradually move forward in the future.
Public Sentiment · Discussion Word Cloud
Public Sentiment
Discussion Word Cloud
Classic Views
Upbit suspected of violating KYC regulations, FIU will hold a sanctions review committee on January 21.
This review mainly involves KYC violations found by FIU during the on-site inspection of Upbit last August, and related fines and penalties are expected to be finalized after the review.
FIU inspection found about 500,000 to 600,000 suspected KYC violations in Upbit, including cases where customers submitted blurry ID information but still completed account opening.
This review could affect Upbit's Virtual Asset Service Provider (VASP) renewal registration process.