#Upbit is under investigation 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 focus will be on the violation of Know Your Customer (KYC) obligations found during an on-site inspection conducted last August. It is reported that there are approximately 500,000 to 600,000 suspected KYC violations involving cases where customers opened accounts despite submitting blurry ID information. The outcome of this review could lead to disciplinary action against Upbit employees, determination of fines, and potential impact on the renewal process for its 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 main reason is that the FIU found violations of customer identity verification (KYC) obligations during an on-site inspection of Upbit last August. It is understood that the FIU inspection revealed approximately 500,000 to 600,000 suspected KYC violations, including instances where customers submitted blurry ID information but were still allowed to open accounts. The review will decide on disciplinary action against Upbit employees and the amount of fines, focusing on whether the KYC violations are related to money laundering activities. The outcome of this review could 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.
Public Sentiment · Discussion Word Cloud
Public Sentiment
Discussion Word Cloud
Classic Views
Upbit is suspected of violating KYC regulations and may face fines and penalties for employees.
FIU will hold a sanctions review committee for Upbit on January 21st, focusing on whether KYC violations are related to money laundering activities.
The outcome of this review may affect Upbit's virtual asset service provider (VASP) renewal registration process.
FIU found approximately 500,000 to 600,000 suspected KYC violations during an on-site inspection of Upbit last August, including cases where customers submitted blurry ID information but still completed account opening.