South Korea's financial regulator orders Upbit to suspend operations

Odaily Planet Daily News According to the Korean media Daily Economy, the Korean cryptocurrency exchange Upbit was ordered to suspend business for rectification by the Korean financial regulatory authorities for violating anti-money laundering obligations such as the customer identification system (KYC). The Financial Information Analysis Institute (FIU) of the Financial Services Commission of South Korea notified Upbit in advance on the 9th of this month of sanctions with the main content of suspension and rectification because it violated the Specific Financial Transaction Information Act. If the punishment is finalized, Upbit will restrict business related to new customers during the suspension period (up to 6 months), but existing users can still trade on Upbit. Upbit can submit an opinion on this punishment to the FIU before the 20th of this month. After receiving Upbit's defense, the FIU will hold a sanctions review meeting on the 21st of this month to finally determine sanctions such as the suspension period.