Upbit, one of South Korea’s largest cryptocurrency exchanges, is at risk of sanctions for failing to meet the country’s anti-money laundering and KYC requirements. The Financial Information Analysis Institute (FIU) under the Financial Services Commission has notified Upbit of potential penalties. If confirmed, these sanctions could prevent Upbit from onboarding new customers for up to six months. This would mean new users would be unable to transfer virtual assets outside the platform during this period. Upbit has until the 20th to submit its opinion on the matter to the FIU, which will then review the case. This scrutiny comes after South Korean authorities promised stricter oversight of crypto exchanges following the Terra stablecoin collapse in 2022.
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