Another exchange fell under pressure from regulators

The well-known Korean Upbit is going in the same direction as the recent Binance. Gradually completely reduce the possibilities for unauthenticated users. Everyone will need to verify the KYC.

On Saturday, the company officially announced a list of new changes that will affect users. This exchange is waiting exactly the same scenario as the Binance Exchange a few weeks ago. The aim is to protect against money laundering. But all at the expense of maintaining anonymity.

New users they will not be able to do practically anything on the exchange, unless they verify their accounts through KYC. Old users will have their deposits and withdrawals suspended until a certain limit. So far, there is only speculation about the complete cessation of all services for users without KYC. However, it is only a matter of weeks, probably when one of Asia’s largest stock exchanges goes completely under mandatory verification.

Will KYC mandatory everywhere?

Mandatory verification is slowly being introduced from summer every big exchange. Otherwise, there is a risk of a total ban in dozens of countries around the world. But stock exchanges cannot afford that, otherwise they would lose most of their profits and a stable trading base. Therefore, they have no choice and most exchanges introduce new KYC verifications to avoid heavy sanctions.