Upbit Becomes the First Crypto Exchange to File With Korean Regulators

Upbit, a major South Korean crypto exchange, has filed a business report with the Korean Financial Intelligence Unit (FIU).

Upbit Exchange | Image: Upbit

Upbit is one of South Korea’s "Big Four" crypto exchanges. The crypto exchange operates alongside Bithumb, Coinone and Korbit.

According to reports, Upbit filed for its crypto business with the FIU. FIU works under South Korea’s Financial Services Commission (FSC).

After Upbit’s operator Dunamu announced the news on Friday, FSC vice chairman Doh Gyu-sang said that the authority is open to receiving more reports from the most popular South Korean exchanges.

In addition, he said that the FSC expects more crypto exchanges to file reports by the end of August.

Earlier this month, South Korean regulators required all local crypto exchanges to register their businesses before Sept. 24. In case they fail to register, they will face an outright ban on operations in the country.

However, the authorities set requirements to register with the FIU. Based on the conditions, exchanges need to establish a banking partner with real-name bank accounts for all their clients. As a matter of fact, Upbit set up real-name account verification with local internet bank K Bank.