Upbit Faces Three-Month Suspension of New User Transfers Due to Regulatory Violations

South Korean crypto exchange Upbit has been temporarily restricted from accepting new user transfers for the next three months following violations of local financial regulations. The Financial Services Commission (FSC) imposed this measure due to the exchange’s failure to comply with trading restrictions, customer verification obligations, and reporting requirements for suspicious transactions. 700,000 KYC violations were discovered during a review of Upbit’s business license renewal, leading to significant regulatory action.