#Upbit Fine Review#

The Financial Intelligence Unit (FIU) of the Financial Services Commission (FSC) of Korea will hold a sanctions review committee meeting on January 21st regarding Upbit. The meeting will focus on violations of customer identification (KYC) obligations discovered during a site inspection of Upbit in August last year. According to sources, the FIU found approximately 500,000 to 600,000 suspected KYC violations during the inspection, including cases where customers were able to open accounts despite submitting blurry ID information. The review will determine the disciplinary action and fines for Upbit employees, with a focus on whether the KYC violations are linked to money laundering activities. The outcome of the review will affect Upbit's Virtual Asset Service Provider (VASP) registration renewal process. Upbit's registration renewal was originally scheduled for October last year, but it has been delayed due to this incident and is currently pending. Industry experts expect the update registration process for virtual asset service providers to gradually proceed after the sanctions review.