Kim Byoung-hwan, chairperson of South Korea's Financial Services Commission (FSC), announced that the regulator will soon make a decision on whether to impose sanctions on Upbit, a crypto exchange that failed to meet customer authentication requirements. The decision follows an inspection launched by the FSC's Financial Intelligence Analysis Unit (FIU) at the end of August last year as part of the Upbit Virtual Asset Service Provider (VASP) license renewal process. During the inspection, Upbit was found to have committed hundreds of thousands of suspected anti-money laundering (AML) violations, including failure to comply with "know your customer" (KYC) requirements.