#Upbit is under investigation for violations.#
Hot Topic Overview
Overview
The Financial Intelligence Unit (FIU) of the Financial Services Commission of Korea will hold a sanctions review committee on January 21 regarding Upbit. The review focuses on violations of Know Your Customer (KYC) obligations discovered during an on-site inspection of Upbit last August. This deliberation will determine penalties and fines against Upbit employees, with a particular focus on whether the KYC violations are linked to money laundering activities. It is understood that the FIU inspection uncovered approximately 500,000 to 600,000 suspected KYC violations at Upbit, including instances where accounts were opened despite blurry or unclear ID information submitted by customers. The outcome of this review could impact Upbit's Virtual Asset Service Provider (VASP) registration renewal process, which was originally scheduled for completion in October last year but has been delayed due to this issue.
Ace Hot Topic Analysis
Analysis
The Financial Intelligence Unit (FIU) of the Financial Services Commission of Korea will hold a sanction deliberation committee meeting on January 21st regarding Upbit. The meeting will focus on the violation of Know Your Customer (KYC) obligations discovered during an on-site inspection of Upbit last August. The deliberation will decide on penalties and fines for Upbit employees, with a particular focus on whether the KYC violations are related to money laundering activities. It is reported that the FIU inspection found approximately 500,000 to 600,000 suspected KYC violation cases, including instances where accounts were opened despite blurry ID information submitted by customers. The outcome of this deliberation will impact the renewal registration process of Upbit as a Virtual Asset Service Provider (VASP), which has been delayed due to this incident and is currently pending. Industry insiders expect the renewal registration process for virtual asset service providers to gradually proceed after the sanction deliberation.
Public Sentiment · Discussion Word Cloud
Public Sentiment
Discussion Word Cloud
Classic Views
Upbit is suspected of violating KYC regulations, and the FIU will hold a sanctions review committee on January 21.
This review will decide on the punishment and fines for Upbit employees.
The FIU found about 500,000 suspected cases of KYC violations during its on-site inspection of Upbit last August.
The outcome of this review could affect Upbit's virtual asset service provider (VASP) renewal registration process.