South Korean cryptocurrency exchange Upbit has been subjected to a partial business suspension by the country’s Financial Intelligence Unit (FIU), which temporarily restricts transactions for new customers.
According to an FIU statement released on February 25, there is a three-month restriction on crypto deposits and withdrawals for Upbit’s new customers.
The suspension was imposed due to Upbit’s violations of South Korean regulations that prohibit exchanges from conducting transactions with unregistered crypto asset service providers (CASPs). Upbit responded to the FIU’s actions on its website, expressing regret to its customers for any inconvenience caused.
In a public statement, Upbit acknowledged that the recent FIU sanctions prevent new customers from transferring crypto assets. This action follows findings from on-site inspections carried out by the authority in 2024.
