Upbit becomes the first exchange to apply for a license

Şükriye Akdeniz

Aug 23, 2021

While the crypto exchange closure crisis continues in South Korea, Upbit was the first exchange to take the step for licensing

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Upbit has become the first South Korean crypto exchange to officially apply for a business license. The country's financial regulator is confident the case will be followed up before the end of this month.
Upbit's move is an important statement for the crypto industry, which was shaken by news last week that all exchanges affected by a recent regulatory audit failed due diligence checks.
Under the terms of the legislation, which went into effect on September 24, all exchange customers are required to have bank accounts verified with real names and social security numbers. It also has the distinction of being the first crypto-specific legislation.
Upbit's bold move by submitting documents less than a month before the deadline could set the industry in motion.

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