According to news on January 15, according to Korean media reports, the Financial Information Analysis Unit (FIU) of the South Korean Financial Commission plans to convene a sanctions review committee against Upbit on January 21. This is due to issues related to violations of customer identification (KYC) obligations that were previously discovered during on-site inspections of virtual asset service providers (VASPs) to renew their registrations. The outcome of the review may involve the determination of penalties and fines for Upbit employees. Industry insiders expect that after this sanctions review, the updated registration process for virtual asset service providers will be gradually advanced. Upbit's registration update, which was originally scheduled to be completed in October last year, was delayed due to this incident and is still awaiting the results.