Upbit Operator Dunamu "Will Improve Deficiencies"... Announces Additional Explanation

Dunamu, the operator of Upbit, the largest cryptocurrency exchange, announced on the 25th that it agrees with the results of the Financial Intelligence Unit (FIU) disciplinary committee under the Financial Services Commission and plans to address the identified shortcomings.

On the same day, the FIU notified Dunamu of a partial business suspension for three months due to violations of the Special Financial Transactions Information Act. Along with this, disciplinary actions were taken against nine employees, including a warning to CEO Lee Seok-woo and the dismissal of the compliance officer.

The partial business suspension will be effective from May 7 to June 6. During the suspension period, the transfer of virtual assets by newly registered customers will be restricted.

In a statement, Dunamu said, "This disciplinary action partially restricts services for new registrants," adding, "Virtual asset trading for existing users or new registrants within Upbit will continue normally, but for a certain period, new registrants will be restricted from transferring virtual assets to other exchanges."

It continued, "Dunamu agrees with the intent of the financial authorities' disciplinary measures and is carefully discussing future plans," and explained, "We will do our best to improve the shortcomings pointed out by the disciplinary committee and provide a trustworthy and safe trading environment for customers using Upbit services."