#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 21 regarding Upbit. The meeting will focus on violations of Know Your Customer (KYC) obligations discovered during the FIU's on-site inspection of Upbit last August. It is reported that Upbit has approximately 500,000 to 600,000 suspected KYC violations, including cases where customers opened accounts despite submitting blurry ID information. The outcome of the review may involve disciplinary action against Upbit employees, determine the amount of fines, and potentially impact Upbit's Virtual Asset Service Provider (VASP) re-registration 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, focusing on violations of Know Your Customer (KYC) obligations found during an on-site inspection of Upbit last August. The FIU has identified approximately 500,000 to 600,000 suspected KYC violations, including cases where customers opened accounts despite submitting blurred identity information. The review will determine the disciplinary actions against Upbit employees and the amount of fines, paying particular attention to whether the KYC violations are linked to money laundering activities. The outcome of the review could affect 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. This event has also raised concerns among industry insiders about the updated registration process for virtual asset service providers, which is expected to proceed gradually 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 Korean FIU will hold a sanctions review committee on January 21.
This review mainly involves the violation of customer identity verification (KYC) obligations found by the FIU during its on-site inspection of Upbit in August last year.
Related fines and penalties are expected to be finalized after the review, with a focus on whether the KYC violation is related to money laundering.
This review could affect Upbit's virtual asset service provider (VASP) renewal registration process.