 Upbit crypto exchange receives suspension notice in South Korea 
2025-01-16
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Upbit, one of the largest cryptocurrency exchanges in South Korea, has reportedly received a suspension notice for alleged Know Your Customer (KYC) violations.
The Financial Intelligence Unit (FIU) of South Korea’s Financial Services Commission (FSC) has notified Upbit of punitive measures related to alleged KYC violations by the exchange, according to a report on Naver on Jan. 16.
As part of the measures, the authorities seek to suspend new user registration on Upbit for a period of six months, with existing users not being affected.
According to the report, Upbit can submit its feedback on the restrictions to the FIU by Jan. 20 as the authority plans to make a final decision on the penalty on Jan. 21.
South Korean authorities first reported on Upbit’s alleged KYC violations in November 2024, with the FIU identifying at least 500,000 to 600,000 breaches in its client identification process.
The authority spotted Upbit’s KYC violations while reviewing the renewal of the company’s business license, potentially affecting the exchange’s operations.
Founded in 2017, Upbit is one of the largest crypto exchanges in South Korea and globally, trading $7.5 billion daily, according to CoinGecko.
This is a developing story, and further information will be added as it becomes available.