Upbit Considering Appealing $25 Million Fine from South Korean Regulatory Agency

BlockBeats News, November 25th, the South Korean Financial Intelligence Unit (FIU) imposed a $25 million fine on Upbit operator Dunamu and suspended new customer registrations for three months.

The regulatory agency found about 5.3 million instances of customer verification violations on the exchange and failed to report 15 suspicious transactions. Dunamu is considering an appeal, stating that the FIU has had previous judgments overturned by the court.