Upbit Customer Verification Policy

• In Upbit 「Act on Reporting and Use of Specific Financial Transaction Information, etc.」(hereinafter referred to as the Specific Financial Information Act), 「Specific financial transaction information reporting and supervision regulations」 We operate a customer verification system to comply with the .
• 「Specific Financial Information Act」, 「Enforcement Decree of the Specific Financial Information Act」, 「Specified Financial Transaction Information Reporting and Supervision Regulations」, 「Business Regulations on Anti-Money Laundering and Prohibition of Financing for Public Intimidation」 The Upbit Customer Verification Policy is implemented in accordance with the Upbit Terms of Use. Matters or interpretations not specified in this policy shall be governed by the Upbit Terms of Use and related laws. Matters not specified in the relevant laws shall follow commercial practices.

Customer verification system

What is the customer verification system? Pursuant to Article 5-2 (Customer Verification Obligation of Financial Companies, etc.) of the Specific Financial Information Act, Upbit refers to the policy operated by Upbit to fulfill its obligation to pay reasonable attention to customers, such as verifying and verifying the identity of the customer, verifying the transaction purpose and actual owner, etc., to ensure that the financial products or services provided by the financial company, etc. are not used for money laundering activities when conducting financial transactions with customers.

Information collected during customer verification

When verifying customers, Upbit verifies additional information such as the purpose of financial transactions in addition to the general information required for customer verification in accordance with the Specific Financial Information Act.

1. Workplace information collected during customer verification corresponds to items requested by the company to resolve concerns about money laundering during non-face-to-face customer verification procedures in accordance with Articles 30 and 42 of the Business Regulations on Anti-Money Laundering and Prohibition of Financing for Public Intimidation, and is information that needs to be collected in accordance with the authorities' anti-money laundering guidelines.
2. In addition, as Upbit conducts non-face-to-face customer verification, we would like to inform you that additional, strengthened information may be requested based on personal information protection guidelines in the financial sector.

ID verification

Upbit's principle is to conduct non-face-to-face customer verification for individual members, and the Financial Services Commission 「Specific application plan related to non-face-to-face real name verification」is being complied with.

Matters related to ID authentication are as follows.

1. Only ID verification is possible using a driver's license, resident registration card, alien registration card, permanent resident card, or domestic residence report for foreign nationals. Authentication using temporary ID cards, passports, etc. is not possible.
2. If authentication by a government agency is not possible due to reasons such as expiration of validity or loss report, or if you use an ID card that is severely damaged and difficult to identify, verification may not be possible.

Real name verification deposit/withdrawal account (real name account) verification

In accordance with Article 7, Paragraph 3, Subparagraph 2 of the Specific Financial Information Act, Upbit restricts the use of the USDT Market if a deposit/withdrawal account capable of verifying real name is not authenticated.

If your real name verification deposit/withdrawal account (K Bank real name account) is not verified, you cannot use the USDT market even if customer verification is completed, and only the BTC market and USDT market can be used.

Transaction restrictions due to non-compliance with customer verification

The Specific Financial Information Act stipulates the customer verification obligation of financial companies, etc. in Article 5-2, Paragraph 1, and Article 10-20, Paragraph 3 of the Enforcement Decree of the same Act (Restrictions on transactions for customers who have not completed customer verification) stipulates that transactions must be restricted for customers for whom customer verification has not been completed.

Accordingly, accounts for which customer verification has not been completed are subject to the following restrictions.

1. Deposits, withdrawals and trading are restricted for accounts that have not completed customer verification.
2. Digital assets deposited into an account for which customer verification has not been completed will not be reflected in the account balance.
3. When requesting re-performance of customer confirmation due to the arrival of the customer confirmation re-performance cycle, if customer confirmation is not completed 5 hours before the deadline, trading restrictions and unfilled orders are canceled. If customer confirmation is not completed 1 hour before, deposits and withdrawals are restricted, and use of the service is restricted when the re-performance deadline elapses.
4. If a request is made to re-perform customer verification due to incorrect input or omission of customer verification information, selection of enhanced customer verification target, etc., deposits, withdrawals and trading will be restricted until customer verification is completed, and unfilled orders may be cancelled.

Non-resident customer verification not possible

Upbit restricts use to non-residents of Korea in accordance with Article 5 (Conclusion of Use Agreement) and Article 17 (Restrictions on Use, etc.) of the Terms of Use. Accordingly, customer verification is restricted as follows.

1. According to the Income Tax Act, customer verification is not possible for non-residents or foreigners with a remaining stay of less than 30 days.
   - Upbit restricts the use of services by foreigners (including corporations) who do not reside in Korea, and for foreigners who are natural persons, customer verification is restricted if the remaining period of stay is less than 30 days, considering the renewal/registration period and customer verification schedule. Accordingly, in the case of foreigners, it is necessary to confirm (i) whether they are residents under the Income Tax Act and (ii) whether their remaining period of stay is more than 30 days, so they must submit (i) a 'residence certificate' or 'certificate of facts regarding entry and exit' that confirms that they have resided in the country for more than 183 days, and (ii) a 'certificate of domestic residence report' or 'certificate of alien registration' that confirms that their remaining period of stay is more than 30 days. You must submit it.
2. Customer verification is not possible for non-resident Koreans.
   - Customer verification is limited as Upbit restricts transactions and deposits and withdrawals for non-residents. Accordingly, if the address of residence or work is confirmed to be overseas, customer verification is not possible and transactions are restricted as a result.

Risk country management to prevent money laundering

Upbit may take the following actions in accordance with Article 5 (Conclusion of Use Agreement) and Article 17 (Restrictions on Use, etc.) of the Terms of Use.

1. Nationals or residents of countries listed in the data of credible organizations used when assessing national risk in accordance with the “Business Regulations on Anti-Money Laundering and Prohibition of the Financing of Public Terrorism,” such as high-risk countries designated by the Financial Action Task Force (FATF) (countries with weak compliance, high-risk countries, etc.), UN-sanctioned countries, OFAC-sanctioned countries, and terrorism-supporting countries regulated by the U.S. Department of Defense, cannot use Upbit.
2. If the IP address attempting to use Upbit with the member's account is an IP address of a country listed in the data of a reputable organization used when assessing national risk in accordance with the 「Anti-Money Laundering and Public Intimidation Financing」, such as a FATF-designated risk country (country with weak implementation, high-risk country, etc.), UN-sanctioned country, OFAC-sanctioned country, US Department of Defense-regulated terrorism-supporting country, etc., or if it is not confirmed which country the IP address is, the member's customer verification will be required. may be limited.
3. If your address in Korea is not confirmed, customer verification is not possible.