South Korea’s Regulator Imposes a Three-month Restriction on Upbit

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The Financial Intelligence Unit (FIU) of South Korea has temporarily restricted new customer transactions on the cryptocurrency exchange Upbit by issuing a partial business suspension.

According to an FIU statement released on February 25, this suspension includes a three-month ban on crypto deposits and withdrawals for new Upbit customers.

The FIU stated that the suspension was a result of Upbit’s violations of South Korean regulations, specifically prohibiting exchanges from engaging in transactions with unregistered crypto asset service providers (CASPs). Upbit addressed these restrictions on its website, expressing regret to customers for any inconvenience caused.

In a public statement, Upbit acknowledged that the recent FIU sanctions prevent new customers from transferring crypto assets, following findings from on-site inspections conducted by the authority in 2024.