South Korea Bans New Upbit Customers, Targeting Money Laundering Risks

The South Korean Financial Intelligence Unit (FIU) has imposed a three-month ban on new cryptocurrency deposits and withdrawals for Upbit customers. The move aims to prevent money laundering and strengthen compliance systems for the exchange. FIU’s decision was intended to address concerns raised by recent violations of South Korean regulations, including those related to unregistered crypto service providers (CASPs). Upbit acknowledged the sanctions and pledged to improve internal controls to comply with regulatory requirements.