Upbit operator clarifies: Regulatory penalties have not yet been determined, and if implemented, they will only affect new users transferring assets

Dunamu, the operating company of the South Korean cryptocurrency exchange Upbit, has 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 Authority (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. Earlier today, it was reported that the South Korean financial authorities notified Upbit that it would face a suspension of operations for rectification.