#Upbit is under investigation for KYC violations.#

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 the violation of Know Your Customer (KYC) obligations discovered during an on-site inspection of Upbit conducted by the FIU in August of last year. It is reported that the FIU found about 500,000 to 600,000 suspected KYC violations during the inspection, including cases where customer-submitted ID information was blurry but accounts were still opened. The review will determine the disciplinary actions and fines against Upbit employees, with a particular focus on whether the KYC violations are related to money laundering activities. The results of the review will 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 within the industry about the registration renewal process for virtual asset service providers, and it is expected that the process will gradually advance in the future.