Chairman of the South Korean Financial Services Commission: Upbit sanctions review is about to end

Odaily News Kim Byung-hwan, chairman of the Financial Services Commission (FSC) of South Korea, announced that he would soon make a decision on sanctions against Upbit for violating customer verification obligations. He said: "Compared with other sanctions, I expressed my intention to resolve this issue as soon as possible because there are areas that may affect the market, and we are proceeding accordingly." He added: "We have held several meetings to listen to the opinions of relevant parties." (Yonhap News Agency)
Earlier in January, Upbit was ordered to suspend business for rectification by the South Korean financial regulatory authorities for violating anti-money laundering obligations such as the customer identification system (KYC). The Financial Information Analysis Institute (FIU) of the Financial Services Commission of South Korea notified Upbit in advance on the 9th of this month of sanctions with the main content of suspension and rectification because it violated the Specific 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 an opinion on this punishment to the FIU before the 20th of this month. After receiving Upbit's defense, the FIU will hold a sanctions review meeting on the 21st of this month to finalize sanctions such as the suspension period.