#Upbit is under investigation for KYC violations.#
Hot Topic Overview
Overview
The Financial Intelligence Unit (FIU) of the Financial Services Commission (FSC) of Korea will hold a sanction review committee meeting on January 21st regarding Upbit. The meeting focuses on violations of Know Your Customer (KYC) obligations found during an on-site inspection of Upbit last August. According to reports, the FIU inspection identified approximately 500,000 to 600,000 suspected KYC violations, including cases where accounts were opened despite blurry ID information submitted by customers. The outcome of this review could result in disciplinary actions against Upbit employees, the determination of fines, and potentially impact the renewal process of Upbit's Virtual Asset Service Provider (VASP) registration.
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 discovered during an on-site inspection of Upbit last August. Reports indicate that the FIU inspection uncovered approximately 500,000 to 600,000 suspected KYC violations, including cases where accounts were opened despite blurry or unclear identity document submissions. The review will determine disciplinary action against Upbit employees and the amount of fines to be imposed, with a particular emphasis on the potential connection between KYC violations and money laundering activities. The outcome of this review may impact the renewal of Upbit's Virtual Asset Service Provider (VASP) registration, which was originally scheduled for completion in October of last year but has been delayed due to this issue. Industry experts anticipate that the renewal registration process for virtual asset service providers will gradually progress following this sanctions review.
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 mainly involves KYC violations discovered by the FIU in its on-site inspection of Upbit last August, 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 in Upbit, including cases where customers submitted blurry ID information but still completed account opening.
This review may affect the renewal registration process of Upbit's virtual asset service provider (VASP).