PANews reported on January 15 that according to Korean media reports, the Financial Information Analysis Unit (FIU) of the Financial Services Commission of South Korea plans to hold a sanctions review committee against Upbit on January 21. This is because the previous on-site inspection of the virtual asset service provider (VASP) for updating registration found related issues of customer identification (KYC) obligations violations. The review results may involve the determination of the penalties and fines for Upbit employees.

Industry insiders expect that after this sanction review, the registration renewal process for virtual asset service providers will be gradually advanced. Upbit’s registration renewal, which was originally scheduled to be completed in October last year, was delayed due to this incident and is still awaiting the results of the processing.