The South Korean Financial Commission will review the KYC violation issues related to Upbit on January 21

2025-01-15 15:25:05

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ChainCatcher news, according to South Korean media reports, the Financial Information Analysis Institute (FIU) of the South Korean Financial Services Commission plans to hold a sanctions review committee for Upbit on January 21. This is due to issues related to violations of customer identification (KYC) obligations found during on-site inspections of virtual asset service providers (VASP) for registration updates. The review results may involve disciplinary actions against Upbit employees and the determination of fines.

Industry insiders expect that after this sanctions review, the registration update process for virtual asset service providers will gradually advance. The registration update that Upbit was scheduled to complete last October has been delayed due to this incident and is currently still awaiting processing results.

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