The post 3-Month Punishment Over Regulatory Violations appeared on BitcoinEthereumNews.com.

Upbit, one of the largest Korean crypto exchanges by trading volume, faces a three-month particle suspension for violating industry regulations. This development is the culmination of regulatory clampdowns on the platform following South Korea’s move to open an antitrust investigation against Upbit exchange. Upbit Suspended Amid Regulatory Violations in South Korea South Korean authorities sanctioned Dunamu Company, the owner of Upbit Exchange, for violating regulations related to virtual asset trading. Local media reported on Tuesday that the violations included engaging in transactions with unregistered virtual asset businesses. Reportedly, Upbit Exchange also failed to adhere to proper customer verification procedures and neglected to report suspicious transactions. As a result, Upbit faces a partial suspension of business operations for three months. Specifically, the authorities banned new customers from transferring virtual assets between March 7 and June 6, 2025. Additionally, the exchange is subject to personnel actions and a financial penalty. This development could harm Upbit’s heft among Korean crypto exchanges. South Korean crypto exchanges, as of November 2024, by trading volume (in US dollars). Source: Statista In an official announcement on its website, Upbit acknowledged the violations. The exchange also committed to taking corrective actions to comply fully with legal regulations. The company regretted the inconvenience it caused users and assured them of improvements to its transaction management. Upbit also said it would monitor the system to prevent future infractions. “…We deeply sympathize with the purpose of the financial authorities’ recent sanctions, which are aimed at stably establishing the anti-money laundering system and strengthening the legal compliance system through strict discipline on virtual asset operators,” read an excerpt in the statement. Despite the sanctions, existing Upbit customers can continue trading without restrictions. While new users can trade, they are temporarily restricted from transferring virtual assets, including deposits and withdrawals, to external wallets. Upbit…

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Filed under: News - @ February 25, 2025 11:16 am