Upbit to Tighten Restrictions on Non-Verified Customers in South Korea

Upbit, the first crypto exchange to register with South Korea’s Financial Intelligence Unit (FIU), said it will start tightening restrictions on customers whose identities have not been verified.

The restrictions will kick in on Wednesday to meet the country’s anti-money laundering laws, the exchange said in a statement on its website.
Members who do not have real-name verification will be restricted from depositing or withdrawing more than 1 million won ($850) until they are verified.
They will be able to continue to trade bitcoin and tether.
Unverified customers will face stiffer restrictions later in the month.
Crypto exchanges that wanted to conduct business in South Korea had until Sept. 24 to register with the regulator.

Unmute

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.