South Korea’s Upbit operator Dunamu argues that past FIU actions have been overturned in court
The post South Korea’s Upbit operator Dunamu argues that past FIU actions have been overturned in court appeared on BitcoinEthereumNews.com.
Dunamu, the operator of South Korea’s largest cryptocurrency exchange, Upbit, is considering an appeal against a $25 million fine and other sanctions imposed by the country’s Financial Intelligence Unit (FIU). The FIU has found rule violations across all other major Korean exchanges, Bithumb, Coinone, Korbit, and GOPAX, as regulators increase their efforts in cracking down on anti-money laundering violations across the country’s digital asset sector. A penalty and an internal assessment The FIU imposed a 35.2 billion won ($25 million) penalty on Upbit alongside a three-month suspension on new customer onboarding and formal warnings to executives, following an investigation that uncovered approximately 5.3 million instances of inadequate customer due diligence as well as 15 instances where the company failed to report suspicious transactions. A spokesperson for Dunamu reportedly stated that they “are conducting a careful internal review, including an assessment of the accuracy of the sanction’s findings.” The company also pointed to historical precedent where FIU enforcement actions were overturned, citing the incident with Hanbitco, which was slammed with a 2 billion won fine due to shortcomings with its KYC dealings involving about 200 users. A Seoul court struck the ruling out, concluding that the violations did not lead to money laundering. The spokesperson added that they have put in place investor protection measures and will continue to work to prevent a repeat of the events that led them into hot water with the regulator. “We remain committed to providing a safe trading environment for all customers,” the spokesperson said. South Korean regulators turn up the heat The FIU has conducted inspections of four other major exchanges, including Bithumb, Coinone, Korbit, and GOPAX, finding violations of several rules and regulations across the board. The regulator reportedly inspected Dunamu first in August 2024, followed by Korbit in October 2024, GOPAX in…
Filed under: News - @ November 25, 2025 9:27 pm