Company Directory - Upbit
Company Details - Upbit
Upbit
WebsiteSeoul, South Korea
Upbit is a South Korean cryptocurrency exchange offering a wide range of trading services for digital currencies, enabling users to trade various cryptocurrencies efficiently and securely.
CCI Score
CCI Score: Upbit
-44.68
0.03%
Latest Event
South Korean Regulators Sanction Upbit
On February 25, 2025, South Korean regulators through the Financial Intelligence Unit (FIU) imposed a three‐month business suspension on Upbit, fined the company, and disciplined its CEO and several employees over compliance failures related to AML and KYC protocols. Critics argue that these 'sanctions' are ineffective, potentially reinforcing Upbit's dominant market position.
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TOADIE
Upbit is currently rated as a Toadie.
Latest Events
- FEB252025
On February 25, 2025, South Korean regulators through the Financial Intelligence Unit (FIU) imposed a three‐month business suspension on Upbit, fined the company, and disciplined its CEO and several employees over compliance failures related to AML and KYC protocols. Critics argue that these 'sanctions' are ineffective, potentially reinforcing Upbit's dominant market position.
-50
Business Practices and Ethical Responsibility
April 8
Upbit's failure to enforce proper AML/KYC measures resulted in regulatory sanctions that expose significant ethical and compliance shortcomings. This reflects poorly on its business practices, endangering customer safety and undermining trust in digital financial systems.
Critics Rage at South Korean Regulators’ Upbit Sanctions Verdict
-40
Economic and Structural Influence
April 8
Critics have raised concerns that by restricting key wallet functionalities for new customers, the sanctions could inadvertently strengthen Upbit's monopoly in the domestic market. This potential consolidation of market power poses risks for fair competition and consumer choice.
Critics Rage at South Korean Regulators’ Upbit Sanctions Verdict
- FEB252025
South Korean authorities imposed a three‐month suspension on Upbit after an investigation by the Financial Intelligence Unit revealed widespread anti-money laundering (AML) and know-your-customer (KYC) compliance failures, including significant lapses in identity verification procedures and thousands of problematic transactions.
-60
Business Practices and Ethical Responsibility
April 8
Upbit’s suspension follows a detailed investigation that uncovered extensive AML and KYC violations, including the approval of 700,000 suspicious breaches and numerous instances of poor customer verification. These ethical lapses in business practices not only undermine regulatory compliance but can also erode trust in financial systems, potentially allowing exploitative or authoritarian dynamics to surface.
Upbit Faces 3-Month Suspension After KYC and AML Violations by South Korean Authorities
- FEB182025
South Korea's Financial Services Commission is poised to impose billions in fines on Upbit following the identification of over 700,000 KYC violations and allegations of facilitating transactions with unlicensed exchanges, raising serious concerns about the exchange's adherence to regulatory standards.
-70
Business Practices and Ethical Responsibility
April 8
Upbit's failure to comply with KYC regulations, as evidenced by over 700,000 violations, indicates severe shortcomings in maintaining ethical business practices and regulatory standards. This lack of diligence jeopardizes consumer protection and undermines trust in the crypto trading ecosystem, contributing to a negative impact on corporate accountability.
Upbit Faces Billions in Fines for 700,000 Rule Violations Amid South Korea’s Crypto Crackdown
- JAN212025
Upbit, South Korea’s leading cryptocurrency exchange, is under intense scrutiny following allegations of failing to adhere to KYC (Customer Due Diligence) regulations. Over 500,000 potential KYC violations were identified during an on-site inspection, prompting the Financial Intelligence Unit to schedule a disciplinary hearing on January 21 to review the company’s compliance as it seeks to renew its VASP license.
-40
Business Practices and Ethical Responsibility
April 8
The disciplinary hearing for over 500,000 alleged KYC violations points to significant failures in Upbit's internal compliance and risk management practices. This non-adherence to regulatory standards undermines accountability and can potentially facilitate illicit financial activities, reflecting negatively on the company's business ethics.
- JAN172025
On January 17, 2025, Upbit received a suspension order from South Korean financial authorities due to failures in complying with Know Your Customer (KYC) regulations, highlighting issues in its business practices and regulatory adherence.
-40
Business Practices and Ethical Responsibility
April 8
Upbit's failure to comply with mandatory KYC requirements has led to a suspension order by financial regulators, reflecting unethical business practices that compromise financial oversight and consumer protection, and potentially open avenues for illicit activities which can indirectly support authoritarian control.
Upbit Faces Suspension Order from Financial Authorities for KYC Failures
- JAN162025
Upbit, South Korea's leading virtual asset exchange, was sanctioned by financial authorities on January 16, 2025 for failing to comply with anti‐money laundering regulations and KYC obligations, including issues with unregistered overseas transactions and 700,000 suspicious identification card cases.
-60
Business Practices and Ethical Responsibility
April 8
Upbit's failure to adhere to essential AML and KYC standards—critical measures that prevent financial malfeasance and protect market integrity—demonstrates a disregard for ethical business practices. This non-compliance not only violates regulatory frameworks but also undermines efforts to ensure accountability in the digital asset market, which can indirectly fuel authoritarian practices by enabling untraceable financial flows.
Upbit, South Korea's No. 1 virtual asset exchange, has been sanctioned ...
- JAN152025
South Korea’s Financial Intelligence Unit issued a suspension notice against Upbit in January 2025 over alleged Know Your Customer (KYC) violations. The action, part of a broader crackdown on crypto exchanges, also affected Upbit’s South Korean partner, Dunamu, which received a three‐month suspension for similar compliance issues.
-35
Business Practices and Ethical Responsibility
April 8
Upbit's alleged failure to adhere to proper KYC procedures not only jeopardizes consumer safety but also undermines financial regulatory frameworks. This lapse in business practices demonstrates a disregarded commitment to ethical responsibility, which is particularly concerning in an industry prone to regulatory and financial abuses.
- JAN092025
South Korea’s Financial Intelligence Unit ordered Upbit to halt new user registrations for up to six months following numerous violations of the Specific Financial Transaction Information Act, highlighting significant failures in its KYC protocols.
-40
Business Practices and Ethical Responsibility
April 8
The FIU uncovered over 700,000 instances of improper handling of KYC processes, indicating severe lapses in Upbit's operational controls and ethical responsibility. This regulatory intervention underscores the company's failure to uphold necessary financial transaction standards and responsible business practices.
Upbit Under Fire: South Korean Regulator Orders Halt on New Users
- OCT102024
South Korea's Financial Services Commission has initiated an investigation into Upbit over its dominant position in the cryptocurrency market and its close ties with K Bank, raising concerns over potential systemic risks.
-40
Economic and Structural Influence
April 8
The investigation by South Korea’s FSC into Upbit’s market dominance and its substantial deposit ties with K Bank indicates a potentially destabilizing impact on the financial system. This concentration of economic power undermines fair market practices and may facilitate conditions favorable to authoritarian control over critical financial resources.
South Korea investigates Upbit over market dominance concerns
- OCT102024
The South Korean Financial Services Commission chairman, Kim Byung-hwan, announced an investigation into Upbit's dominant position in the country's cryptocurrency market. Citing concerns over a monopolistic structure linked to its business alliance with K-Bank and allegations of wash trading and pump‐and‐dump practices, the inquiry aims to address potential financial instability and regulatory risks.
-30
Business Practices and Ethical Responsibility
April 8
The investigation brings to light longstanding concerns over unethical business practices at Upbit, including allegations of market manipulation such as wash trading, pump-and-dump schemes, and a general lack of robust regulatory adherence. These practices undermine consumer protection and fair market operations, reflecting poor ethical responsibility.
-25
Economic and Structural Influence
April 8
The inquiry also focuses on the economic and structural risks associated with Upbit's near-monopolistic market position, particularly its deep ties with K-Bank. These factors raise concerns about destabilizing financial practices and the concentration of economic power, potentially affecting broader market stability.
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