Upbit Submits Business Report With The Korean Financial Intelligence Unit

Upbit, the major South Korean cryptocurrency company, has submitted a business report with the Korean Financial Intelligence Unit (FIU).

It has been reported that Upbit reported its digital asset business to the FIU, which operates under South Korea’s top financial regulator, the Financial Services Commission (FSC). Upbit is one of South Korea’s largest cryptocurrency exchanges alongside Bithumb, Coinone, and Korbit, and reportedly makes up more than 80% of the local cryptocurrency market.

Doh Gyu-sang, the Vice Chairman of FSC, said that the authority will be ready to accept more reports from the most popular South Korean exchanges in the near future. The official said that the FSC expects one or two more crypto exchanges to have filed reports by the end of August.

However, South Korean authorities have required all local crypto trading platforms to register their businesses as digital asset service providers before September 24 or face an outright ban on operations in the country.

In order to register with the FIU, exchanges need to establish a banking partner and report real-name bank accounts for all their clients. As previously reported, Upbit has set up real-name account verification with local internet bank K Bank. As South Korean financial authorities continue focusing on bigger crypto exchanges in terms of registration, smaller crypto trading platforms are apparently struggling to comply with local requirements.

The report said that a number of smaller South Korean crypto exchanges such as Bitsonic and CPDAX announced temporary suspensions or entire service termination over the past few months.

Thus, an FSC representative said in early August that the authority was not looking to close down smaller exchanges but rather was looking to freeze the use of fraudulent collective accounts, or borrowed-name accounts, on the platforms.

Source: Cointelegraph