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Upbit faces six-month ban over AML law violations

Upbit has been warned by South Korea’s FSC about a potential business suspension. This follows major violations of anti-money laundering laws and KYC failures, which could lead to a ban from acquiring new customers for six months.

While Upbit is under scrutiny, current users will still be able to trade. However, if confirmed, new users might face significant restrictions, impacting Upbit’s operations and market share in the Korean cryptocurrency landscape.

The investigation revealed around 700,000 faulty KYC records at Upbit, with fines estimated to reach up to 100 million won, approximately 93,000 USD. A final decision regarding the suspension and penalties will be announced after a hearing on January 21.

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