[Bitcoin Now] Dunamu's Virtual Asset Service Provider License 'Renewed'

The virtual asset service provider (VASP) license of Dunamu, the operator of the virtual asset exchange Upbit, has been renewed.

According to the virtual asset industry on December 23, the Financial Intelligence Unit (FIU) issued a certificate of acceptance for Dunamu's VASP license renewal application on this day.

Under the Act on Reporting and Use of Certain Financial Transaction Information (the Special Act), virtual asset service providers are required to renew their business registration every three years.

Dunamu first registered as a virtual asset service provider with the financial authorities in 2021. As the renewal deadline approached last year, the company submitted its renewal application in August this year.

During the subsequent on-site inspection, the FIU discovered a number of cases in which Dunamu was suspected of violating the Special Act, including customer due diligence obligations.

In February, the FIU notified Dunamu of sanctions, including a three-month partial business suspension and a reprimand warning for the CEO. However, Dunamu has filed a lawsuit to contest these measures.

Following a sanctions review, the FIU decided in November this year to impose a fine of 35.2 billion won on Dunamu. As the sanction procedures, including the fine, neared completion, the business renewal application was accepted after one year and four months.

In addition to Upbit, major virtual asset exchange operators such as Korbit, Bithumb, Coinone, and Gopax have also applied to the authorities for VASP license renewal. Dunamu is the first among them to have its license renewed.

Dunamu stated, "We will faithfully fulfill the obligations stipulated by the Special Act and do our utmost to provide a safer and more trustworthy digital asset investment environment by strengthening anti-money laundering measures and more."