PANews reported on January 16 that according to the Korean media Daily Economy, the Korean crypto exchange Upbit was notified by the country's financial authorities that it would face a suspension of business for rectification due to violations of anti-money laundering obligations such as the customer identification system (KYC). The Financial Information Analysis Institute (FIU) of the Financial Services Commission of South Korea notified Upbit in advance on the 9th of this month of sanctions with the main content of suspension of business for rectification because it violated the Specific Financial Transaction Information Act. If the punishment is finalized, Upbit will restrict business related to new customers during the suspension period (up to 6 months), but existing users can still trade on Upbit. Upbit can submit an opinion on this punishment to the FIU before the 20th of this month. After receiving Upbit's defense, the FIU will hold a sanctions review meeting on the 21st of this month to finalize sanctions such as the suspension period.