Upbit, a major cryptocurrency corporation in South Korea, is said to have filed a business report with the Korean Financial Intelligence Unit (FIU).
Upbit submitted its virtual asset business to the FIU, which is part of the Financial Services Commission, South Korea’s primary financial regulator (FSC). According to The Korea Economic Daily, Upbit’s operator Dunamu revealed the news on Friday.
Upbit, along with Bithumb, Coinone, and Korbit, is one of South Korea’s main cryptocurrency exchanges, apparently accounting for more than 80% of the local cryptocurrency market.
Upbit is one of South Korea’s largest cryptocurrency exchanges alongside Bithumb, Coinone and Korbit who are collectively referred to as “The Big Four.”
In the near future, FSC deputy chairman Doh Gyu-sang stated, the body will receive more reports from the most popular South Korean exchanges. The FSC anticipates one or two more crypto exchanges to file reports by the end of August, according to the source.
South Korean regulators have mandated that all local crypto trading platforms register as virtual asset service providers by September 24, or face a complete ban on activities in the nation.
Exchanges must establish a banking partner and report real-name bank accounts for all of their clients in order to register with the FIU. Upbit has established up real-name account verification with local internet bank K Bank, as previously reported.
Smaller crypto trading platforms appear to be failing to comply with local standards as South Korean financial authorities continue to focus on larger crypto exchanges in terms of registration.
Over the last several months, a number of smaller South Korean crypto exchanges, such as Bitsonic and CPDAX, have announced temporary suspensions or service terminations.
In early August, an FSC spokesman told Cointelegraph that the authority was not trying to shut down smaller exchanges, but rather to put a stop to the use of false collective accounts, or accounts with borrowed names, on the platforms.
