On January 15th, according to Korean media reports, the Financial Information Analysis Unit (FIU) of the South Korean Financial Commission plans to hold a sanctions review committee against Upbit on January 21st. This is due to the previous discovery of issues related to violations of customer identification (KYC) obligations during on-site inspections of the registration renewal of virtual asset service providers (VASPs). The outcome of the review may involve the determination of the amount of sanctions and fines for Upbit employees. Industry insiders expect that the registration process for virtual asset service providers will be gradually advanced after the sanctions review. Upbit's registration update, which was originally scheduled to be completed in October last year, was delayed due to the incident and is still awaiting the processing result.