• Home
  • About Us
  • Terms and Conditions
  • Privacy Policy
  • Disclaimer
  • Contact
28 July Monday, 2025
  • tr Türkçe
  • en English
TurkishNY Radio
No Result
View All Result
  • Home
  • Cryptocurrency
  • Business
  • Economy
  • Home
  • Cryptocurrency
  • Business
  • Economy
No Result
View All Result
  • tr Türkçe
  • en English
TurkishNY Radio
No Result
View All Result
Bitcoin Bitcoin (BTC) $117,674.91 ↓ -1.32%
Ethereum Ethereum (ETH) $3,774.62 ↓ -1.97%
XRP XRP (XRP) $3.15 ↓ -1.72%
Tether USDt Tether USDt (USDT) $1.00 ↓ -0.01%
BNB BNB (BNB) $830.55 ↑ 0.81%
Solana Solana (SOL) $185.75 ↓ -1.44%
USDC USDC (USDC) $1.00 ↑ 0.00%
Dogecoin Dogecoin (DOGE) $0.23 ↓ -4.51%
TRON TRON (TRX) $0.32 ↑ 1.24%
Cardano Cardano (ADA) $0.80 ↓ -3.54%
Hyperliquid Hyperliquid (HYPE) $45.09 ↑ 2.38%
Sui Sui (SUI) $4.02 ↓ -7.13%
Stellar Stellar (XLM) $0.42 ↓ -4.85%
Chainlink Chainlink (LINK) $18.31 ↓ -3.82%
Bitcoin Cash Bitcoin Cash (BCH) $582.78 ↓ -3.17%
Hedera Hedera (HBAR) $0.27 ↓ -5.63%
Avalanche Avalanche (AVAX) $25.72 ↑ 1.09%
Litecoin Litecoin (LTC) $109.58 ↓ -4.45%
UNUS SED LEO UNUS SED LEO (LEO) $8.97 ↓ -0.16%
Toncoin Toncoin (TON) $3.26 ↓ -2.62%
Shiba Inu Shiba Inu (SHIB) $0.00 ↓ -4.36%
Ethena USDe Ethena USDe (USDe) $1.00 ↓ -0.02%
Uniswap Uniswap (UNI) $10.52 ↓ -2.92%
Polkadot Polkadot (DOT) $4.03 ↓ -3.98%
Monero Monero (XMR) $321.21 ↓ -0.17%
Dai Dai (DAI) $1.00 ↓ -0.01%
Bitget Token Bitget Token (BGB) $4.64 ↑ 0.68%
Pepe Pepe (PEPE) $0.00 ↓ -4.84%
Cronos Cronos (CRO) $0.14 ↑ 1.05%
Aave Aave (AAVE) $289.38 ↓ -3.44%
Ethena Ethena (ENA) $0.65 ↓ -4.90%
Bittensor Bittensor (TAO) $408.68 ↓ -5.49%
NEAR Protocol NEAR Protocol (NEAR) $2.80 ↓ -4.50%
Pi Pi (PI) $0.44 ↑ 0.24%
Ethereum Classic Ethereum Classic (ETC) $21.98 ↓ -5.00%
Ondo Ondo (ONDO) $1.00 ↓ -4.78%
Internet Computer Internet Computer (ICP) $5.62 ↓ -2.69%
Aptos Aptos (APT) $4.71 ↓ -3.40%
OKB OKB (OKB) $48.65 ↑ 0.32%
Bonk Bonk (BONK) $0.00 ↓ -2.02%
Mantle Mantle (MNT) $0.80 ↓ -3.54%
Kaspa Kaspa (KAS) $0.10 ↓ -7.19%
Pudgy Penguins Pudgy Penguins (PENGU) $0.04 ↓ -6.52%
POL (prev. MATIC) POL (prev. MATIC) (POL) $0.23 ↓ -5.33%
Algorand Algorand (ALGO) $0.27 ↓ -6.17%
Arbitrum Arbitrum (ARB) $0.44 ↓ -3.61%
GateToken GateToken (GT) $18.08 ↑ 0.49%
World Liberty Financial USD World Liberty Financial USD (USD1) $1.00 ↓ -0.03%
VeChain VeChain (VET) $0.03 ↓ -4.53%
Render Render (RENDER) $4.13 ↓ -4.33%
Worldcoin Worldcoin (WLD) $1.14 ↓ -5.63%
SPX6900 SPX6900 (SPX) $2.14 ↑ 1.74%
OFFICIAL TRUMP OFFICIAL TRUMP (TRUMP) $9.85 ↓ -4.62%
Sky Sky (SKY) $0.09 ↓ -5.25%
Sei Sei (SEI) $0.33 ↓ -5.32%
Cosmos Cosmos (ATOM) $4.72 ↓ -2.20%
Filecoin Filecoin (FIL) $2.65 ↓ -2.85%
Story Story (IP) $5.79 ↑ 6.64%
Artificial Superintelligence Alliance Artificial Superintelligence Alliance (FET) $0.71 ↓ -3.86%
Jupiter Jupiter (JUP) $0.56 ↓ -5.08%
Flare Flare (FLR) $0.02 ↓ -4.11%
Quant Quant (QNT) $123.67 ↓ -3.21%
Injective Injective (INJ) $14.92 ↓ -2.56%
XDC Network XDC Network (XDC) $0.09 ↑ 0.21%
KuCoin Token KuCoin Token (KCS) $11.46 ↓ -0.81%
First Digital USD First Digital USD (FDUSD) $1.00 ↓ -0.07%
Celestia Celestia (TIA) $1.95 ↓ -3.58%
Optimism Optimism (OP) $0.80 ↑ 9.38%
Curve DAO Token Curve DAO Token (CRV) $0.97 ↓ -8.78%
Four Four (FORM) $3.41 ↓ -2.83%
Stacks Stacks (STX) $0.80 ↓ -5.38%
Fartcoin Fartcoin (FARTCOIN) $1.24 ↓ -9.07%
FLOKI FLOKI (FLOKI) $0.00 ↓ -6.95%
Immutable Immutable (IMX) $0.57 ↓ -4.29%
dogwifhat dogwifhat (WIF) $1.07 ↓ -4.50%
Ethereum Name Service Ethereum Name Service (ENS) $29.12 ↓ -6.07%
The Graph The Graph (GRT) $0.10 ↓ -4.24%
PancakeSwap PancakeSwap (CAKE) $2.99 ↓ -0.54%
Kaia Kaia (KAIA) $0.16 ↓ -2.63%
Lido DAO Lido DAO (LDO) $1.08 ↓ -4.15%
Virtuals Protocol Virtuals Protocol (VIRTUAL) $1.47 ↓ -7.69%
Conflux Conflux (CFX) $0.18 ↓ -0.89%
PAX Gold PAX Gold (PAXG) $3,319.24 ↓ -1.00%
Sonic Sonic (S) $0.32 ↓ -4.83%
Tezos Tezos (XTZ) $0.87 ↓ -3.75%
Pump.fun Pump.fun (PUMP) $0.00 ↓ -7.36%
PayPal USD PayPal USD (PYUSD) $1.00 ↑ 0.01%
Theta Network Theta Network (THETA) $0.88 ↓ -4.44%
Vaulta Vaulta (A) $0.56 ↓ -4.27%
Raydium Raydium (RAY) $3.21 ↑ 2.38%
Nexo Nexo (NEXO) $1.31 ↓ -0.60%
JasmyCoin JasmyCoin (JASMY) $0.02 ↓ -4.95%
Tether Gold Tether Gold (XAUt) $3,316.08 ↓ -0.85%
IOTA IOTA (IOTA) $0.21 ↓ -5.38%
Gala Gala (GALA) $0.02 ↓ -4.42%
The Sandbox The Sandbox (SAND) $0.30 ↓ -5.27%
Pyth Network Pyth Network (PYTH) $0.13 ↓ -4.21%
Aerodrome Finance Aerodrome Finance (AERO) $0.86 ↓ -5.27%
Pendle Pendle (PENDLE) $4.38 ↓ -1.02%
Jito Jito (JTO) $1.95 ↓ -3.63%
Bitcoin Bitcoin (BTC) $117,674.91 ↓ -1.32%
Ethereum Ethereum (ETH) $3,774.62 ↓ -1.97%
XRP XRP (XRP) $3.15 ↓ -1.72%
Tether USDt Tether USDt (USDT) $1.00 ↓ -0.01%
BNB BNB (BNB) $830.55 ↑ 0.81%
Solana Solana (SOL) $185.75 ↓ -1.44%
USDC USDC (USDC) $1.00 ↑ 0.00%
Dogecoin Dogecoin (DOGE) $0.23 ↓ -4.51%
TRON TRON (TRX) $0.32 ↑ 1.24%
Cardano Cardano (ADA) $0.80 ↓ -3.54%
Hyperliquid Hyperliquid (HYPE) $45.09 ↑ 2.38%
Sui Sui (SUI) $4.02 ↓ -7.13%
Stellar Stellar (XLM) $0.42 ↓ -4.85%
Chainlink Chainlink (LINK) $18.31 ↓ -3.82%
Bitcoin Cash Bitcoin Cash (BCH) $582.78 ↓ -3.17%
Hedera Hedera (HBAR) $0.27 ↓ -5.63%
Avalanche Avalanche (AVAX) $25.72 ↑ 1.09%
Litecoin Litecoin (LTC) $109.58 ↓ -4.45%
UNUS SED LEO UNUS SED LEO (LEO) $8.97 ↓ -0.16%
Toncoin Toncoin (TON) $3.26 ↓ -2.62%
Shiba Inu Shiba Inu (SHIB) $0.00 ↓ -4.36%
Ethena USDe Ethena USDe (USDe) $1.00 ↓ -0.02%
Uniswap Uniswap (UNI) $10.52 ↓ -2.92%
Polkadot Polkadot (DOT) $4.03 ↓ -3.98%
Monero Monero (XMR) $321.21 ↓ -0.17%
Dai Dai (DAI) $1.00 ↓ -0.01%
Bitget Token Bitget Token (BGB) $4.64 ↑ 0.68%
Pepe Pepe (PEPE) $0.00 ↓ -4.84%
Cronos Cronos (CRO) $0.14 ↑ 1.05%
Aave Aave (AAVE) $289.38 ↓ -3.44%
Ethena Ethena (ENA) $0.65 ↓ -4.90%
Bittensor Bittensor (TAO) $408.68 ↓ -5.49%
NEAR Protocol NEAR Protocol (NEAR) $2.80 ↓ -4.50%
Pi Pi (PI) $0.44 ↑ 0.24%
Ethereum Classic Ethereum Classic (ETC) $21.98 ↓ -5.00%
Ondo Ondo (ONDO) $1.00 ↓ -4.78%
Internet Computer Internet Computer (ICP) $5.62 ↓ -2.69%
Aptos Aptos (APT) $4.71 ↓ -3.40%
OKB OKB (OKB) $48.65 ↑ 0.32%
Bonk Bonk (BONK) $0.00 ↓ -2.02%
Mantle Mantle (MNT) $0.80 ↓ -3.54%
Kaspa Kaspa (KAS) $0.10 ↓ -7.19%
Pudgy Penguins Pudgy Penguins (PENGU) $0.04 ↓ -6.52%
POL (prev. MATIC) POL (prev. MATIC) (POL) $0.23 ↓ -5.33%
Algorand Algorand (ALGO) $0.27 ↓ -6.17%
Arbitrum Arbitrum (ARB) $0.44 ↓ -3.61%
GateToken GateToken (GT) $18.08 ↑ 0.49%
World Liberty Financial USD World Liberty Financial USD (USD1) $1.00 ↓ -0.03%
VeChain VeChain (VET) $0.03 ↓ -4.53%
Render Render (RENDER) $4.13 ↓ -4.33%
Worldcoin Worldcoin (WLD) $1.14 ↓ -5.63%
SPX6900 SPX6900 (SPX) $2.14 ↑ 1.74%
OFFICIAL TRUMP OFFICIAL TRUMP (TRUMP) $9.85 ↓ -4.62%
Sky Sky (SKY) $0.09 ↓ -5.25%
Sei Sei (SEI) $0.33 ↓ -5.32%
Cosmos Cosmos (ATOM) $4.72 ↓ -2.20%
Filecoin Filecoin (FIL) $2.65 ↓ -2.85%
Story Story (IP) $5.79 ↑ 6.64%
Artificial Superintelligence Alliance Artificial Superintelligence Alliance (FET) $0.71 ↓ -3.86%
Jupiter Jupiter (JUP) $0.56 ↓ -5.08%
Flare Flare (FLR) $0.02 ↓ -4.11%
Quant Quant (QNT) $123.67 ↓ -3.21%
Injective Injective (INJ) $14.92 ↓ -2.56%
XDC Network XDC Network (XDC) $0.09 ↑ 0.21%
KuCoin Token KuCoin Token (KCS) $11.46 ↓ -0.81%
First Digital USD First Digital USD (FDUSD) $1.00 ↓ -0.07%
Celestia Celestia (TIA) $1.95 ↓ -3.58%
Optimism Optimism (OP) $0.80 ↑ 9.38%
Curve DAO Token Curve DAO Token (CRV) $0.97 ↓ -8.78%
Four Four (FORM) $3.41 ↓ -2.83%
Stacks Stacks (STX) $0.80 ↓ -5.38%
Fartcoin Fartcoin (FARTCOIN) $1.24 ↓ -9.07%
FLOKI FLOKI (FLOKI) $0.00 ↓ -6.95%
Immutable Immutable (IMX) $0.57 ↓ -4.29%
dogwifhat dogwifhat (WIF) $1.07 ↓ -4.50%
Ethereum Name Service Ethereum Name Service (ENS) $29.12 ↓ -6.07%
The Graph The Graph (GRT) $0.10 ↓ -4.24%
PancakeSwap PancakeSwap (CAKE) $2.99 ↓ -0.54%
Kaia Kaia (KAIA) $0.16 ↓ -2.63%
Lido DAO Lido DAO (LDO) $1.08 ↓ -4.15%
Virtuals Protocol Virtuals Protocol (VIRTUAL) $1.47 ↓ -7.69%
Conflux Conflux (CFX) $0.18 ↓ -0.89%
PAX Gold PAX Gold (PAXG) $3,319.24 ↓ -1.00%
Sonic Sonic (S) $0.32 ↓ -4.83%
Tezos Tezos (XTZ) $0.87 ↓ -3.75%
Pump.fun Pump.fun (PUMP) $0.00 ↓ -7.36%
PayPal USD PayPal USD (PYUSD) $1.00 ↑ 0.01%
Theta Network Theta Network (THETA) $0.88 ↓ -4.44%
Vaulta Vaulta (A) $0.56 ↓ -4.27%
Raydium Raydium (RAY) $3.21 ↑ 2.38%
Nexo Nexo (NEXO) $1.31 ↓ -0.60%
JasmyCoin JasmyCoin (JASMY) $0.02 ↓ -4.95%
Tether Gold Tether Gold (XAUt) $3,316.08 ↓ -0.85%
IOTA IOTA (IOTA) $0.21 ↓ -5.38%
Gala Gala (GALA) $0.02 ↓ -4.42%
The Sandbox The Sandbox (SAND) $0.30 ↓ -5.27%
Pyth Network Pyth Network (PYTH) $0.13 ↓ -4.21%
Aerodrome Finance Aerodrome Finance (AERO) $0.86 ↓ -5.27%
Pendle Pendle (PENDLE) $4.38 ↓ -1.02%
Jito Jito (JTO) $1.95 ↓ -3.63%
Home Business

Upbit Suspended! South Korea’s Regulators Impose Harsh Penalty – Here’s Why

Ela Fatima by Ela Fatima
25 February 2025
in Business, Economy, en, News
Reading Time: 4 mins read
0

Upbit Crypto Exchange is under fire after South Korea’s regulators imposed a three-month suspension on new user transfers. The move, enforced by the Financial Services Commission (FSC), has sent shockwaves through the crypto market, raising concerns about stricter regulations in one of the world’s most active trading hubs.

This latest development highlights South Korea’s zero-tolerance approach to compliance failures, particularly in anti-money laundering (AML) and Know Your Customer (KYC) procedures. As Upbit Crypto Exchange scrambles to respond, traders and investors are left wondering—how will this affect the future of crypto in South Korea?

Table of Contents

Toggle
    • YOU MAY BE INTERESTED
    • Experts Predict 100x Crypto Breakout: MoonBull Whitelist Filling Rapidly, Turbo AI Debuts Strong, GOAT Volume Climbs
    • Trump Media’s $300M Bitcoin Options Bet Sparks Debate on Corporate Crypto Strategy
  • Why Was Upbit Crypto Exchange Penalized?
  • Impact of Upbit Crypto Exchange Suspension on Traders
  • Upbit Crypto Exchange’s Response and Next Steps
  • What the Upbit Crypto Exchange Crackdown Means for South Korea’s Crypto Market
  • Conclusion
    • FAQs
      • Can existing users still trade on Upbit?
      • Will Upbit face additional penalties?
      • How will this impact South Korea’s crypto market?
  • Glossary of Key Terms
    • Sources

YOU MAY BE INTERESTED

image 769

Experts Predict 100x Crypto Breakout: MoonBull Whitelist Filling Rapidly, Turbo AI Debuts Strong, GOAT Volume Climbs

28 July 2025
Trump Media & Technology Group

Trump Media’s $300M Bitcoin Options Bet Sparks Debate on Corporate Crypto Strategy

28 July 2025

Why Was Upbit Crypto Exchange Penalized?

The FSC’s investigation into Upbit revealed several major compliance violations:

ADVERTISEMENT
  • Failure to properly implement KYC procedures: Upbit reportedly overlooked over 700,000 cases where it failed to verify customer identities adequately.
  • Unregistered foreign exchange transactions: The exchange engaged in transactions with overseas crypto platforms not registered under South Korea’s regulatory framework, violating the Special Financial Transactions Act.
  • Lack of suspicious activity reporting: The Financial Intelligence Unit (FIU) flagged Upbit for failing to report suspicious transactions linked to possible money laundering activities.

As a result, Upbit’s CEO received an official warning, nine employees (including compliance officers) were dismissed, and the exchange is now under stricter government scrutiny.

Impact of Upbit Crypto Exchange Suspension on Traders
Impact of Upbit Crypto Exchange Suspension on Traders

Impact of Upbit Crypto Exchange Suspension on Traders

Upbit dominates 70% of South Korea’s cryptocurrency trading volume. A three-month suspension on new user deposits and transfers could lead to:

  • Reduced liquidity: A drop in new traders could impact market activity and price movements.
  • Increased regulatory pressure on other exchanges: Competitors like Bithumb and Coinone may face stricter audits.
  • Trader uncertainty: Some investors may withdraw funds due to concerns about further regulatory actions.

Existing users can still buy, sell, and withdraw crypto, but the onboarding of new users is halted until at least April 2025.

Upbit Crypto Exchange’s Response and Next Steps

Upbit maintains that any compliance failures were unintentional and claims that identifying unregistered foreign exchanges before transactions occur is difficult due to blockchain’s decentralized nature.

The exchange has until March 20, 2025, to submit an official defense to the FIU. A regulatory hearing will determine if the restrictions remain in place beyond three months or escalate into heavier fines.

Upbit’s case is a wake-up call for global crypto exchanges—governments are tightening their grip, and non-compliance is no longer an option.

Upbit Crypto Exchange Hit with 3 Months Ban
Upbit Crypto Exchange Hit with 3 Months Ban

What the Upbit Crypto Exchange Crackdown Means for South Korea’s Crypto Market

South Korea has one of the strictest crypto regulations globally, with laws such as:

  • The Virtual Asset User Protection Act (July 2024): Strengthens AML and KYC requirements.
  • Mandatory Exchange Registrations: All crypto platforms must register with the FIU or face shutdowns.

The Upbit crackdown signals that South Korea is serious about enforcing compliance. Future regulations may impose even harsher restrictions on crypto trading, potentially affecting market sentiment and investor confidence.

Conclusion

Upbit’s three-month ban on new user transfers is a major moment for South Korea’s crypto industry. While the exchange remains operational, its future depends on how well it addresses regulatory concerns and whether it can regain government trust.

For traders, this incident highlights the importance of choosing compliant, well-regulated platforms to avoid disruptions. As global regulations tighten, crypto exchanges must adapt or face severe consequences.

Stay connected with TurkishNY Radio by following us on Twitter and LinkedIn, and join our Telegram channel for more news.

FAQs

Can existing users still trade on Upbit?

Yes, current users can buy, sell, and withdraw funds as usual. However, new users are blocked from registering or transferring funds for the next three months.

Will Upbit face additional penalties?

The Financial Intelligence Unit (FIU) has scheduled a hearing for March 2025, which could result in further sanctions or heavy fines depending on Upbit’s defense.

How will this impact South Korea’s crypto market?

The ban could reduce market liquidity and increase government scrutiny on other exchanges. Crypto traders should stay updated on new regulatory developments in South Korea.

Glossary of Key Terms

Upbit – South Korea’s largest cryptocurrency exchange, handling a majority of the country’s digital asset trading volume.

Financial Services Commission (FSC) – The primary regulatory body overseeing financial institutions, including cryptocurrency exchanges, in South Korea.

Financial Intelligence Unit (FIU) – A division of the FSC responsible for monitoring financial transactions to prevent money laundering and illicit activities.

Know Your Customer (KYC) – A compliance process where financial institutions verify the identities of their users to prevent fraud and illegal activities.

Anti-Money Laundering (AML) – A set of regulations and procedures designed to detect, prevent, and report financial crimes such as money laundering.

Sources

Business Korea

Crypto News

Cryptometer

Coin Edition

Tags: crypto exchangeSouth Korea crypto exchangesUpbit
Previous Post

Bear Trap or Bullish Rebound? Bitcoin Must Conquer THIS Price Level!

Next Post

Germany’s DekaBank Enters Crypto! What It Means for Institutional Investors

Ela Fatima

Ela Fatima

Crypto News Writer | Content Writer | Creative Writer A storyteller at heart who loves making crypto simple and engaging. Whenever inspiration strikes, words flow, turning complex blockchain ideas into easy-to-understand insights. Passionate about exploring the digital world, she writes to inform, inspire, and connect.

SIMILAR NEWS

image 769
Cryptocurrency

Experts Predict 100x Crypto Breakout: MoonBull Whitelist Filling Rapidly, Turbo AI Debuts Strong, GOAT Volume Climbs

28 July 2025
Trump Media & Technology Group
News

Trump Media’s $300M Bitcoin Options Bet Sparks Debate on Corporate Crypto Strategy

28 July 2025
ETFs vs Physical assets
News

ETFs Are a Lie? Robert Kiyosaki Warns Investors About ‘Fake Ownership’ in Crypto and Gold

28 July 2025

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Search

No Result
View All Result
DMCA
PROTECTED

Categories

  • Business
  • Cryptocurrency
  • Economy
  • en
  • News
  • Politics
  • World

Recent Posts

  • Experts Predict 100x Crypto Breakout: MoonBull Whitelist Filling Rapidly, Turbo AI Debuts Strong, GOAT Volume Climbs
  • Trump Media’s $300M Bitcoin Options Bet Sparks Debate on Corporate Crypto Strategy
  • ETFs Are a Lie? Robert Kiyosaki Warns Investors About ‘Fake Ownership’ in Crypto and Gold
  • Bitcoin Eyes $150K as Fed Rate Cut Rumors Fuel Market Momentum
  • $44M Gone in Minutes: CoinDCX Hack Linked to Lazarus Group’s Global Crypto Theft Spree

Site Navigation

  • Home
  • About Us
  • Terms and Conditions
  • Privacy Policy
  • Disclaimer
  • Contact

TurkishNY Radio

Banner 1
Banner 2
No Result
View All Result
  • Home
  • Cryptocurrency
  • Business
  • Economy
  • tr Türkçe
  • en English

  • English