Upbit Is First Korean Exchange to Register With Authorities Before September Deadline

Crypto exchanges that don't register by Sept. 24 face being shut down in South Korea.

Aug 23, 2021 at 6:37 a.m. UTC
Updated Sep 14, 2021 at 1:43 p.m. UTC

Crypto exchange Upbit was the first to register with South Korea's Financial Intelligence Unit (FIU) before a September deadline, the FIU website posted on Friday.

  • Doh Gyu-sang, vice chairman of the Financial Services Commission, expects one or two more exchanges will register before the end of August, local media reported Friday.
  • Authorities have threatened to block the websites of unregistered exchanges that fail to meet the Sept. 24 deadline.
  • Registration has several requirements, including setting up partnerships with banks to obtain accounts for real-name verification.
  • While other exchanges are reportedly having difficulty persuading banks to work with them, Upbit, South Korea's largest exchange, already has a partnership with online-first K-bank for real-name verification.
  • Bithumb, Coinone and Korbit also have such partnerships, and so they likely will be the next ones to register.
  • Foreign exchanges are also under the microscope. The FIU has called on them to register as well if they provide services to South Korean consumers.
  • Binance limited its exposure to the market on Aug. 13, when it stopped offering trading pairs and payment options with the South Korean won.
  • Last week, Upbit's local operator Dunamu rolled out a product for compliance with the intergovernmental Financial Action Task Force's "travel rule" in Singapore.
  • The FIU will review Upbit's filing within three months, local media reported.
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