Upbit Faces Sanctions in South Korea Over AML Shortcomings

• South Korea’s FSC set to decide sanctions against Upbit for customer verification issues.  
• Upbit faces scrutiny after failing to meet anti-money laundering requirements.  
• South Korea plans to lift ban on institutional crypto trading in 2025.

South Korea’s Financial Services Commission (FSC) is getting ready to announce its decision on possible sanctions against Upbit. The decision comes after findings that Upbit didn’t fully meet customer verification requirements meant to prevent money laundering. 

Upbit Sanctions Decision Imminent

The FSC’s Chairman, Kim Byoung-hwan, stated that the review process would soon wrap up, addressing concerns about delays raised by lawmaker Kim Jae-seop.

During a National Assembly session, Chairman Kim assured the public that the FSC is working to resolve the matter quickly, pointing out it could affect market dynamics. He clarified that the review process has taken longer than initially thought because of multiple meetings to gather input from all parties involved. 

Despite the process taking time, Kim indicated that a resolution would be reached soon, given the possible effects for the crypto market in South Korea.

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