#Upbit is being investigated 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 21 regarding Upbit. The main reason is that the FIU found violations of customer identity verification (KYC) obligations during its on-site inspection of Upbit in August last year. It is reported that there are about 500,000 to 600,000 suspected KYC violations at Upbit, including cases where customers completed account opening with blurred ID information. The review will determine the penalties and fines for Upbit employees, and may affect the renewal of Upbit's registration as a virtual asset service provider (VASP). The outcome of the review will determine whether Upbit is associated with money laundering and may affect the renewal registration process of virtual asset service providers in Korea.
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 for the meeting is that the FIU discovered violations of Know Your Customer (KYC) obligations during an on-site inspection of Upbit last August. It is reported that the FIU inspection identified approximately 500,000 to 600,000 suspected KYC violations, including cases where customers submitted blurry ID information but were still able to open accounts. This review will determine the penalties 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 impact Upbit's virtual asset service provider (VASP) registration renewal process. Upbit's registration renewal, originally scheduled for October last year, has been delayed due to this issue and is currently pending. Industry experts predict that the virtual asset service provider registration renewal process will gradually progress 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 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 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 linked to money laundering.
This review could affect Upbit's virtual asset service provider (VASP) renewal registration process.