#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 21st regarding Upbit. The meeting focuses on KYC (Know Your Customer) obligation violations discovered during an on-site inspection of Upbit in August last year. The FIU found approximately 500,000 to 600,000 suspected KYC violations, including cases where customers completed account opening despite blurry ID information. This review could affect Upbit's Virtual Asset Service Provider (VASP) registration renewal process. The outcome may involve disciplinary action against Upbit employees and the determination of fines. The primary focus is on whether the KYC violations are linked to money laundering activities.
Ace Hot Topic Analysis
Analysis
The Financial Intelligence Unit (FIU) of the Financial Services Commission of Korea will hold a sanctions review committee on January 21st regarding Upbit, focusing on violations of customer identity verification (KYC) obligations discovered during an on-site inspection of Upbit last August. It is reported that the FIU inspection identified approximately 500,000-600,000 suspected KYC violations at Upbit, including cases where accounts were opened despite blurry identity information submitted by customers. This review will determine disciplinary actions and fines against Upbit employees, with a focus on whether the KYC violations are linked to money laundering activities. The outcome of the review could impact Upbit's Virtual Asset Service Provider (VASP) re-registration process, which was originally scheduled for completion in October last year but has been delayed due to this incident. This incident demonstrates the Korean regulators' strict requirements for KYC compliance for cryptocurrency exchanges and may serve as a warning to other cryptocurrency exchanges.
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 KYC violations found by the FIU during its on-site inspection of Upbit in August last year, and the relevant fines and penalties are expected to be finalized after the review.
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.
This review may affect Upbit's virtual asset service provider (VASP) renewal registration process.