Upbit issued a statement to clarify some of the information about the regulatory sanctions, noting that it is not true that 30,000 fake IDs (including hand-drawn IDs) have passed through the "Know Your Customer" (KYC) system. Upbit conducts KYC through several additional procedures, including identification. If the ID documents submitted by members are insufficient, they will be asked to re-execute them. Previously, the South Korean Financial Intelligence Unit (FIU) announced on February 25 that it has implemented regulatory measures on South Korean cryptocurrency exchange Upbit. According to the regulations, Upbit will be restricted from recharging and withdrawing cryptocurrencies from newly registered users for the next three months.