Upbit Faces Possible Sanctions for Non-Compliance with KYC Obligations
Upbit, a major crypto exchange in South Korea, may face sanctions for failing to meet money laundering and KYC obligations. Key points include:
- The Financial Information Analysis Institute (FIU) notified Upbit of potential sanctions last week.
- If confirmed, Upbit could be restricted from onboarding new customers for up to six months.
- The restrictions would prevent new customers from transferring virtual assets outside the exchange during this period.
- Upbit plans to submit its opinion on the sanctions to the FIU by the 20th for review.
- South Korean authorities have increased scrutiny of exchanges since the collapse of Terra in 2022.