#Upbit is 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 21st regarding Upbit. The meeting will primarily address the violation of Know Your Customer (KYC) obligations found by the FIU during its on-site inspection of Upbit last August. According to reports, the FIU inspection identified approximately 500,000 to 600,000 suspected KYC violations involving cases where customers were able to open accounts despite submitting blurred ID information. The outcome of the review could include disciplinary actions against Upbit employees and the determination of fines, potentially impacting Upbit's Virtual Asset Service Provider (VASP) re-registration 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 21 regarding Upbit. The main reason for this meeting is that the FIU discovered violations of customer identification verification (KYC) obligations during an on-site inspection of Upbit last August. It is reported that the review will focus on whether the KYC violations are related to money laundering activities and may involve disciplinary action against Upbit employees and determination of fines. Previous reports indicated that the FIU inspection found approximately 500,000 to 600,000 suspected KYC violations, including cases where customers submitted blurred ID information but were still able to open accounts. The outcome of this review could affect Upbit's Virtual Asset Service Provider (VASP) registration renewal process, which was originally scheduled to be completed last October but has been delayed due to this issue.
Public Sentiment · Discussion Word Cloud
Public Sentiment
Discussion Word Cloud
Classic Views
Upbit allegedly violated KYC regulations, and the Financial Information Analysis Institute (FIU) of the Financial Services Commission of Korea will hold a sanctions review committee on January 21.
FIU found violations of customer identification (KYC) obligations during an on-site inspection of Upbit in August last year, including cases where customers submitted blurry ID information but still completed account opening.
This review may involve disciplinary action against Upbit employees and the determination of the amount of fines, focusing on whether the KYC violations are linked to money laundering.
The outcome of this review could affect Upbit's Virtual Asset Service Provider (VASP) renewal registration process.