#Upbit is being investigated for KYC violations.#

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 will focus on the violation of Know Your Customer (KYC) obligations found during an on-site inspection of Upbit in August last year. It is understood that the FIU discovered approximately 500,000 to 600,000 suspected KYC violations during the inspection, including cases where customers opened accounts with blurry ID information. The review will determine penalties and fines for Upbit employees, with a particular 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) renewal registration process, which was originally scheduled to be completed in October last year but was delayed due to this incident. Industry insiders expect that the renewal registration process for virtual asset service providers will gradually progress after the sanction review.