The Financial Services Commission of South Korea is considering imposing sanctions on Upbit, the country’s largest cryptocurrency exchange, for allegedly not complying with know-your-customer and anti-money laundering regulations.
On January 12th, Maeil, a local news publication, reported that Upbit received a notice of procedural sanctions from the Financial Information Analysis Institute, which is under the jurisdiction of the FSC.
Upbit has until January 20th to submit an argument against the sanctions, and the FIU will review and make a final decision.
If the sanctions are confirmed, Upbit will face restrictions on new users’ ability to withdraw assets from the exchange for six months.
In addition, Upbit’s crypto license renewal has been put on hold since last year as the investigation into their compliance continues.
