Upbit Hit with 3-Month Ban: New Users Blocked from Crypto Transactions
The Financial Intelligence Unit (FIU) of the South Korean cryptocurrency exchange Upbit temporarily prohibited new customer transactions after issuing a partial business suspension. According to a FIU statement issued on February 25, South Korea’s FIU restricted cryptocurrency deposits and withdrawals for new Upbit users for a period of three months.
According to the release, Upbit’s violations of South Korean regulations that forbid exchanges from enabling transactions with unregistered crypto asset service providers (CASPs) were the reason for the suspension. Upbit apologized to its consumers for any inconvenience caused by the FIU’s website restrictions.
Upbit Assures Existing Users: Crypto Services Remain Unaffected Despite Sanctions
According to the results of the FIU‘s 2024 on-site inspections, Upbit acknowledged in a public statement on its website that the most recent penalties forbid new clients from moving cryptocurrency holdings. Regarding the extent of punishments, the firm stressed that certain particular facts and circumstances have not been considered and that some may be changed.
Upbit has reviewed the necessary improvements made in response to this sanction by the financial authorities and completed the measures. The sanctions imposed this time may be subject to change through procedures in accordance with relevant regulations, and if the effect of the relevant measures is suspended or terminated, new members will also be able to use Upbit’s services without restrictions.
Upbit
Upbit stated that if it can reach an agreement with authorities about possible modifications to the sanctions, it will furnish additional details. Additionally, the exchange emphasized that all of its services are available to current clients.
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