Upbit operator Dunamu: The regulator’s penalty has not yet been determined. If implemented, it will only affect new users transferring assets

Odaily News Dunamu, the operating company of South Korean crypto exchange Upbit, has officially responded to recent reports that the platform may be subject to a suspension of business penalty by the Financial Intelligence Analysis Unit (FIU) under the Financial Services Supervisory Service (FSS) of South Korea. Dunamu made it clear that the financial regulator's penalty plan has not yet been finalized, and the issues raised will be clarified through subsequent processes including the Sanctions Review Committee. At the same time, Dunamu also emphasized that even if the penalty is finally implemented, it will not affect the cryptocurrency trading services for existing and new users. The penalty will only restrict new users from transferring virtual assets from the Upbit platform within a specific time. Earlier today, news came that the South Korean financial authorities notified Upbit that it would face a suspension of business. (coinness)