#Upbit under investigation 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, primarily focusing on violations of Know Your Customer (KYC) obligations discovered during an on-site inspection of Upbit last August. The FIU found approximately 500,000 to 600,000 suspected KYC violations, including cases where customers submitted blurred identity information yet still completed account opening. The outcome of this review could involve disciplinary action against Upbit employees, determination of the amount of fines, and potentially impact Upbit's Virtual Asset Service Provider (VASP) registration renewal process.
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 meeting will focus on violations of Know Your Customer (KYC) obligations found during an on-site inspection of Upbit last August. It is understood that the FIU inspection revealed approximately 500,000 to 600,000 suspected KYC violations at Upbit, including cases where customers submitted blurry ID information but were still able to open accounts. The outcome of this review could involve disciplinary action against Upbit employees and the determination of fines, with particular emphasis on whether KYC violations are linked to money laundering activities. This review could also affect the renewal of Upbit's registration as a Virtual Asset Service Provider (VASP), a process that was originally scheduled to be completed in October last year but has been delayed due to this incident.
Public Sentiment · Discussion Word Cloud
Public Sentiment
Discussion Word Cloud
Classic Views
Upbit is suspected of violating KYC regulations, and the Korea FIU will hold a sanctions review committee on January 21, which may involve disciplinary action against Upbit employees and the determination of the amount of fines.
This review will primarily focus on the KYC obligation violations found by the FIU during its on-site inspection of Upbit last August, with an emphasis on whether the KYC violations are related to money laundering.
The FIU inspection revealed approximately 500,000 to 600,000 suspected KYC violations at Upbit, including cases where customers submitted blurry ID information but still completed account opening.
This review could affect the renewal registration process of Upbit as a virtual asset service provider (VASP).