Upbit Faces Temporary Onboarding Ban Amidst Regulatory Scrutiny

South Korean cryptocurrency exchange Upbit has been temporarily restricted from onboarding new customers due to regulatory pressure from the Financial Intelligence Unit (FIU). This action is aimed at addressing compliance issues and will last until June 6, 2025. The ban could affect market dynamics within the crypto sector as Upbit struggles to acquire new users. The FIU’s action highlights a greater focus on anti-money laundering and know-your-customer (KYC) standards in the cryptocurrency space.