South Korean FIU will review Upbit's suspected KYC violations on January 21st

According to South Korean media reports, the Financial Information Analysis Unit (FIU) of the Financial Services Commission of South Korea plans to convene a sanctions review committee against Upbit on January 21. This is due to the discovery of issues related to customer identification (KYC) obligations violations during on-site inspections of virtual asset service provider (VASP) registration updates. The review results may involve the determination of disciplinary actions and fines for Upbit employees. Industry insiders expect that the update registration process for virtual asset service providers will gradually advance after the sanctions review. The registration update for Upbit, which was originally scheduled to be completed in October last year, has been delayed due to this incident and is still awaiting the processing results.