On January 16th, Dunamu, the operating company of South Korean cryptocurrency trading platform Upbit, issued a formal response to recent reports that the platform may be subject to a suspension of business penalties by the Financial Intelligence Analysis Unit (FIU) under the South Korean Financial Services Regulatory Agency (FSS). Dunamu made it clear that the punishment plan of the financial regulatory agency has not yet been finalized, and the issues raised will be clarified through subsequent processes, including the sanctions review committee. Meanwhile, Dunamu also emphasized that even if the punishment is ultimately implemented, it will not have an impact on the cryptocurrency trading services of existing and new users. The punishment measures will only restrict new users from transferring virtual assets from the Upbit platform within a specific period of time.
As previously reported, according to the financial industry on the 16th, the Financial Intelligence Analysis Unit (FIU) of the Financial Commission issued a pre notification to Upbit on the 9th of this month regarding sanctions related to violations of the Specific Financial Transaction Information Law, with the core content being business suspension. If the punishment is ultimately determined, Upbit will be restricted from conducting new customer related business during the business suspension period (up to 6 months).

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