If the regulatory confirms the sanctions, Upbit will have to cease accepting new customers for nearly six months. However, during the suspension period, existing users would still be able to trade on the platform, reported a local news publication. With over 70% of the domestic virtual asset trading market share, the suspension could significantly impact the exchange’s operations.
The cryptocurrency exchange has to submit a response to the FIU by January 20. After this, the regulator will closely review the exchange’s explanation during a sanctions hearing on January 21 before making a final decision on the suspension.