Upbit Files Registration Application with South Korean FIU

Fazzaco learned that cryptocurrency exchange Upbit has filed a registration application with Korea Financial Intelligence Unit (KoFIU), which operates under South Korea's top financial regulator, the Financial Services Commission (FSC).

According to the Korea Economic Daily, all crypto trading platforms operating in the country need to register themselves with the agency before the deadline of September 24. If an exchange fails to register themselves within the deadline, they will be termed as unregistered exchanges and might face a blockade in the country.

To register with the KoFIU, exchanges need a banking partner and maintain real-name bank accounts for all of their clients. So far, only four major local exchanges have fulfilled this mandatory requirement.

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​Upbit is one of South Korea's largest cryptocurrency exchanges alongside Bithumb, Coinone and Korbit, and reportedly makes up more than 80% of the local cryptocurrency market.