South Korea's largest cryptocurrency exchange Upbit fined $25 million for violating AML regulations

According to CoinDesk, South Korea's Financial Intelligence Unit (FIU) has imposed a $25 million fine on Upbit operator Dunamu and suspended new customer registrations for three months. The regulator found approximately 5.3 million instances of customer verification violations at the exchange and failed to report 15 suspicious transactions. Dunamu is considering an appeal, stating that the FIU has had previous rulings overturned by the courts.

At the same time, the FIU also conducted compliance checks on other South Korean exchanges such as Bithumb, Coinone, Korbit, and GOPAX, discovering multiple violations. Upbit has pledged to strengthen investor protection measures to ensure a safe trading environment for its customers.