Upbit Faces 3-Month Business Freeze: Why South Korea’s Crypto Giant is Shut Down

South Korea’s largest cryptocurrency exchange, Upbit, has been penalized with a three-month partial business suspension by the country’s Financial Intelligence Unit (FIU). This action prohibits new customer account registrations and transactions. The FIU cited Upbit’s failure to comply with regulations prohibiting transactions with unregistered crypto asset service providers (CASPs) as the reason for this penalty. 25th February, 2024 marked the announcement of the restrictions.