Upbit must respond to the FSC’s suspension notice by Jan. 20 or face restrictions on new registrations on the platform for six months.
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 possible punitive measures related to alleged KYC violations, according to a Jan. 16 report on Naver.
As part of the measures, the authorities seek to suspend new user registrations on Upbit for a period of six months, with existing users not being affected.