South Korean financial authorities notified Upbit that it will face suspension and rectification measures

Reprinted from panewslab

01/16/2025·18days ago

PANews reported on January 16 that South Korean crypto exchange Upbit was notified by the country’s financial authorities that it would face suspension and rectification for violating its customer identification system (KYC) and other anti-money laundering obligations. The Financial Information Analysis Unit (FIU) of the Financial Commission of Korea notified Upbit in advance of sanctions, mainly including suspension of business and rectification, on the 9th of this month due to its violation of the Specified Financial Transaction Information Act. If the punishment is finalized, Upbit will restrict business related to new customers during the suspension period (up to 6 months), but existing users can still trade on Upbit. Upbit can submit a letter of opinion on this decision to FIU before the 20th of this month. After receiving Upbit's defense, FIU will hold a sanctions review meeting on the 21st of this month to finalize the suspension period and other sanctions.