Odaily Planet Daily News Upbit issued a statement to clarify some information about regulatory sanctions, pointing out that it is not true that 30,000 fake ID cards (including hand-painted ID cards) have passed the "Know Your Customer" (KYC) system. Upbit conducts KYC through several additional procedures including identity recognition. If the ID documents submitted by members are insufficient, they will be required to re-execute.
Earlier news, the South Korean Financial Intelligence Unit (FIU) announced on February 25 that it would implement regulatory measures on the South Korean cryptocurrency exchange Upbit. According to the regulations, Upbit will be restricted from cryptocurrency deposits and withdrawals for newly registered users in the next 3 months.