CandleFocus Upbit’s license renewal in limbo; Hong Kong tightens VASP rules
2024-11-22
Author: Content Editor
Digital currency exchange Upbit is under investigation by South Korea’s Financial Services Commission (FSC) for allegedly violating the country’s Know Your Customer (KYC) regulations. The FSC and its lead investigating arm have identified over 500,000 cases of KYC breaches by the exchange, which could result in a hefty fine. Upbit faces a penalty of KRW 100 million ($71,500) per case under the Special Financial Transaction Information Act. Meanwhile, Hong Kong issued a reminder to digital asset service providers to comply with its licensing regime and avoid misleading the public. The Hong Kong Monetary Association (HKMA) warned VASPs against using the word "bank" in their services, as only licensed financial institutions can do so.
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