Upbit Became the First Officially Registered Crypto Exchange in South Korea
The cryptocurrency exchange Upbit became the first exchange officially listed by the Financial Intelligence Unit of South Korea.
The exchange managed to register before the September 24 deadline, according to the UFR website.
Doh Gyu-sang, deputy chairman of the Financial Services Commission, said that the registration process for several more exchanges is expected to be completed by the end of August.
In South Korea, authorities have threatened to block the sites of all exchanges that do not register until September 24. One of the requirements for registration is the establishment of partnerships with banks to receive invoices and verify the real name.
At the moment, compared to other exchanges that experience some difficulties in cooperating with banks, Upbit has entered into an agreement with K-bank for authentication. According to local media reports, the UFR must review Upbit’s documents within three months.
Since the exchanges Bithumb, Coinone, and Korbit also have similar partnerships, they will likely be the next to register by FIU.
In addition, foreign exchangers providing services to residents of the country are required to register in South Korea.
Earlier in the country, 11 cryptocurrency exchanges were notified of the need to cease their activities due to non-compliance with the conditions of the Financial Services Commission (FSC). In addition, the regulator will report their offenses to the prosecutor’s office and the police.