PANews reported on February 18 that according to Yonhap News Agency, Kim Byoung-hwan, chairman of the Financial Services Commission (FSC) of South Korea, announced that the regulator will soon decide whether to impose sanctions on Upbit, a crypto exchange that failed to meet customer identity verification requirements.

The decision follows an inspection launched by the FSC’s Financial Intelligence Analysis Unit (FIU) at the end of August last year as part of the renewal process for Upbit’s Virtual Asset Service Provider (VASP) license, which revealed hundreds of thousands of suspected anti-money laundering (AML) violations, including failure to comply with Know Your Customer (KYC) requirements.