#Upbit is being investigated for KYC violations.#
Hot Topic Overview
Overview
The Financial Intelligence Unit (FIU) of the Financial Services Commission (FSC) in South Korea will hold a sanctions review committee meeting on January 21 regarding Upbit, mainly focusing on violations found in Upbit's customer identity verification (KYC) obligations. During an on-site inspection of Upbit in August last year, the FIU found about 500,000 to 600,000 suspected KYC violations, including cases where accounts were opened despite blurred identification information submitted by customers. The outcome of this review could involve disciplinary action against Upbit employees and the determination of fines, potentially impacting Upbit's virtual asset service provider (VASP) renewal registration process. Currently, industry insiders expect the renewal registration process for virtual asset service providers to gradually proceed after this sanctions review.
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 discovered during an on-site inspection last August. The FIU reportedly found around 500,000 to 600,000 suspected KYC violations, including cases where accounts were opened with blurry identity documents submitted by customers. The review will determine penalties and fines for Upbit employees, with particular attention paid to whether the KYC violations are linked to money laundering activities. The outcome of the review will impact Upbit's Virtual Asset Service Provider (VASP) registration renewal process, which has been delayed due to the issue and is currently awaiting the result. Industry insiders expect the renewal process for virtual asset service providers to gradually proceed 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 South Korean FIU will hold a sanctions review committee on January 21.
The review results may involve disciplinary action against Upbit employees and the determination of the amount of fines.
This review mainly involves the violation of customer identity verification (KYC) obligations found by the FIU during an on-site inspection of Upbit last August, focusing on whether the KYC violation is related to money laundering.
This review may affect Upbit's Virtual Asset Service Provider (VASP) renewal registration process.