#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 on January 21st regarding Upbit. The main reason for the review 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 penalties and fines for Upbit employees, with a focus on whether the KYC violations are linked to money laundering activities. It is reported that the FIU inspection found about 500,000 to 600,000 suspected KYC violations in Upbit, including cases where customers submitted blurry ID information but were still able to open accounts. The outcome of this review will affect Upbit's Virtual Asset Service Provider (VASP) re-registration 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 sanction review committee on January 21st regarding Upbit. The review focuses on the violation of customer identity verification (KYC) obligations discovered during an on-site inspection of Upbit last August. It is understood that the FIU inspection found approximately 500,000 to 600,000 suspected KYC violations involving Upbit, including instances where customers submitted blurry identification information but still completed account registration. The review will determine the disciplinary action and fines against Upbit employees, with particular attention paid to whether the KYC violations are linked to money laundering activities. The outcome of the review will impact the renewal of Upbit's registration as a Virtual Asset Service Provider (VASP). The registration renewal, originally scheduled for last October, has been delayed due to this incident and is currently pending. This event has raised concerns within the industry regarding the renewal process for virtual asset service providers. It is anticipated that KYC regulations will be enforced more strictly in the future.
Public Sentiment · Discussion Word Cloud
Public Sentiment
Discussion Word Cloud
Classic Views
Upbit has KYC compliance issues, including cases where customers submitted blurred ID information but were still able to open accounts.
The FIU will hold a sanctions review committee on January 21st to discuss sanctions against Upbit, with potential outcomes including disciplinary action against Upbit employees and the determination of fines.
The focus of this review is whether KYC violations are linked to money laundering activities.
The outcome of this review could impact Upbit's Virtual Asset Service Provider (VASP) re-registration process.