With this penalty, new customer transactions were temporarily restricted.

In a statement published on February 25, 2025, FIU stated that UPbit has violated South Korea’s policy, which prohibits transactions with indifferent crypto asset service providers (CASP), and therefore impose a three -month restriction on crypto deposits and withdrawal transactions. .

The statement, FIU’nun Upbit’e criminal process, the stock market was taken as a result of the inspections made due to violations were taken due to violations. UPbit made an explanation to its customers on these restrictions by FIU on the website and apologized for the problems.

The company, said in a statement, as a result of the violations identified in the inspections in 2024, the crypto asset transfers of new customers are prohibited.

UPbit said that FIU has made the necessary improvements in accordance with the regulations against these sanctions and completed the relevant measures.

In the statement of the company, some “special situations and conditions ve about the scope of the sanctions imposed by FIU were not taken into consideration and some of these situations may change.

UPbit stated that restrictions can be changed through future procedures. If the effect of these measures is suspended or terminated, the new members will be able to use UPbit’s services without restricting. ”

The company also announced that it will give more information about the sanctions and that they will share the developments if it reaches an agreement with the authorities. It is emphasized that existing customers can continue to use all UPbit’s services.

The news of UPbit’s three -month partial stopping penalty was announced after FIU sent a warning to UPbit in January 2025 about possible sanctions. This warning was related to UPbit’s alleged customer (KYC) violations.

Upbit, in November 2024, the South Korean regulators published by the KYC infringement reports had come to the agenda. FIU, UPbit’s customer identity detection procedures detected a violation of up to 600,000.

Upbit is known as one of the largest crypto currency exchanges in the world, founded in 2017. According to Coingecko, UPbit ranks 23rd in terms of global confidence score. Upbit, one of the largest crypto currency exchanges in South Korea, has an important position worldwide.

Since January 2025, UPbit’s daily trading volumes decreased by about 70 %. During this period, the daily transaction volume fell to $ 4.6 billion. The company, said in a statement, both customer security and compliance with legal regulations in the forefront, said they aim to overcome this period.

Although there are transaction restrictions for new customers who are under the domain of the sanctions, there is no service restriction for existing users. In this process, UPbit has taken the necessary measures to ensure that its users can do their trading without any problems.