Upbit is said to be the first crypto exchange to be filed with Ha Noi regulators

The massive South Korean crypto firm Upbit is said to have submitted an annual report to the South Korean Financial Intelligence Unit (FIU).

Upbit has reported its digital belongings enterprise to the FIU, which operates below Korea’s main monetary regulator, the Financial Services Commission (FSC). Upbit operator Dunamu introduced the information on Friday, The Korea Economic Daily reported.

Upbit is certainly one of the largest cryptocurrency exchanges in South Korea alongside Bithumb, Coinone and Korbit and reportedly accounts for over 80% of the native crypto market. FSC Vice President Doh Gyu-sang said the company is prepared to settle for extra reviews from South Korea’s hottest exchanges in the close to future. The official said the FSC expects one or two extra crypto exchanges to come ahead with reviews by the finish of August.

The FSC didn’t instantly reply to Cointelegraph’s request for remark.

The South Korean authorities have requested all native cryptocurrency trading platforms to shut their companies by the 24. In order to register with the FIU, exchanges should arrange a banking accomplice and report actual financial institution accounts for all of their prospects. As beforehand reported, Upbit has arrange actual title account verification for Ok Bank’s on-line banking.

Related: Binance pauses KRW pairs amid tightened crypto exchange laws in South Korea

With South Korean monetary authorities persevering with to give attention to bigger crypto exchanges when registering, smaller crypto trading platforms seem to be struggling to meet SEC.native necessities. Several smaller South Korean crypto exchanges akin to Bitsonic and CPDAX have introduced suspensions or full-service cancellations in latest months.

An FSC consultant advised Cointelegraph in early August that authorities usually are not planning to shut down smaller exchanges, however are as an alternative attempting to freeze the use of fraudulent collective accounts or borrowed accounts on the platforms.