Korea FSC Chairman: Upbit Sanctions Review is Coming to an End

ChainCatcher news, the chairman of the Financial Services Commission (FSC) of South Korea, Kim Byung-hwan, announced that a sanction decision against Upbit for violating customer verification obligations will be made soon. He stated, "Compared to other sanctions, I have expressed the intention to resolve this issue as quickly as possible, as some areas may affect the market, and we are proceeding accordingly." He added, "We have held several meetings to listen to the opinions of various parties."

Previously, Upbit was ordered to suspend operations by South Korean financial regulators for violating anti-money laundering obligations, including the customer identification system (KYC).