Korbit renews virtual asset service provider status… second after Upbit

Doohyun Hwang

Summary

Korbit said its virtual asset service provider (VASP) renewal filing has been finally accepted after passing a re-examination by the Korea Financial Intelligence Unit (FIU).
With the renewal, Korbit said it will be able to continue operating the exchange stably for the next 3 years.
Korbit said the renewal filing will allow it to provide investors with a more stable trading environment.

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Korbit, a South Korean virtual asset (cryptocurrency) exchange, has renewed its operator status after passing a re-examination by financial authorities.

According to the virtual asset industry on the 6th, the Korea Financial Intelligence Unit (FIU) on the day made a final decision to accept Korbit’s filing to renew its virtual asset service provider (VASP) registration and issued the certificate of report.

With the renewal, Korbit can continue operating the exchange stably for the next 3 years. Among exchanges that run Korean won markets, this is the second case following Upbit, which completed its renewal first in October.

A Korbit official said, “Through this renewal filing, we will be able to provide investors with an even more stable trading environment,” adding, “We will continue to place user protection as our top priority and strengthen our commitment to transparent and sound service operations.”