Coinspeaker
Feb 25, 2025

Upbit Undergoes Partial Business Suspension by South Korean Financial Intelligence Unit

1 min

South Korea's Financial Intelligence Unit (FIU) has partially suspended Upbit's business for three months. New customers are restricted from depositing or withdrawing funds, but existing users face no limitations. This action results from violations related to unregistered crypto asset service providers.

Key Points

  • New customer restrictions last from March 7 to June 6.
  • Existing users can trade and manage KRW transactions without restrictions.
  • Upbit plans to clarify the decision through regulatory processes.
  • CEO Lee Sirgoo and nine executives face disciplinary actions; no fines issued yet.
  • FIU emphasizes the need for full compliance with anti-money laundering measures.

Upbit acknowledged the regulators' intent and commits to enhancing its internal controls.