Upbit operator clarifies: Regulatory penalties have not yet been determined. If implemented, it will only affect the transfer of assets by new users.

PANews reported on January 16 that Dunamu, the operating company of South Korean crypto exchange Upbit, issued a formal response to recent reports that the platform may be subject to business suspension penalties by the Financial Intelligence Analysis Unit (FIU) under the Korean Financial Services Supervisory Authority (FSS). . Dunamu made it clear that the financial regulator's penalty plan has not yet been finalized and that 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 have an impact on the cryptocurrency trading services of existing users and new users. Penalties will only restrict new users from transferring virtual assets from the Upbit platform within a specific period of time.

Earlier today, it was reported that the South Korean financial authorities informed Upbit that it would face suspension and rectification .