6 hours ago
Crypto speech Upbit could look sanctions from South Korean authorities for not complying with wealth laundering obligations.
Jan 16, 2025, 1:28 p.m. UTC
Crypto speech Upbit whitethorn look imaginable sanctions successful South Korea for not complying with the country's wealth laundering and cognize your lawsuit (KYC) obligations, according to a study from section quality tract Maeil.
Upbit which is 1 of South Korea's largest exchanges was reportedly notified by the Financial Information Analysis Institute (FIU) nether the Financial Services Commission past week of the sanctions. If the determination is confirmed Upbit could beryllium prevented from caller lawsuit related concern for up to six months.
The determination would “essentially restrict caller customers from transferring virtual assets extracurricular the speech for a definite play of time,” Upbit told Maeil.
CoinDesk reached retired to Upbit and Financial Services Commission for comment.
The speech volition taxable an sentiment regarding the sanctions to Upbit to the FIU by the 20th and the FIU volition past reappraisal the sanctions.
South Korean authorities vowed to look much intimately astatine exchanges successful 2022 pursuing the illness of stablecoin issuer Terra, calling regulators to supervise them thoroughly.
Camomile Shumba
Camomile Shumba is simply a CoinDesk regulatory newsman based successful the UK. Previously, Shumba interned astatine Business Insider and Bloomberg. Camomile has featured successful Harpers Bazaar, Red, the BBC, Black Ballad, Journalism.co.uk, Cryptopolitan.com and South West Londoner. Shumba studied politics, doctrine and economics arsenic a combined grade astatine the University of East Anglia earlier doing a postgraduate grade successful multimedia journalism. While she did her undergraduate grade she had an award-winning vigor amusement connected making a difference. She does not presently clasp worth successful immoderate integer currencies oregon projects.
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