Upbit Faces Disciplinary Hearing for Alleged KYC Violations
- South Korea’s Financial Intelligence Unit (FIU) scheduled a disciplinary hearing for Upbit on January 21.
- The hearing will assess over 500,000 suspected Know-Your-Customer (KYC) breaches found during an inspection.
- This marks the first sanctions-level meeting addressing issues from a virtual asset service provider renewal inspection.
- Investigations revealed unauthorized customer verification procedures, including blurred identification details.
The FIU’s upcoming meeting aims to evaluate Upbit’s compliance with KYC regulations after uncovering significant verification lapses during a routine inspection.
