According to news on January 16, Upbit, South Korea’s largest cryptocurrency trading platform, received a business suspension notice from the financial regulator due to violations of the customer confirmation system (KYC) and failure to perform anti-money laundering obligations. According to news from the financial industry on the 16th, the Financial Intelligence Unit (FIU) of the Financial Commission issued a preliminary notice of sanctions related to violation of the Specified Financial Transaction Information Act to Upbit on the 9th of this month. The core content is the suspension of operations. If the sanction is finalized, Upbit will be restricted from conducting new customer-related business during the business suspension period (up to 6 months).