Upbit operator clarifies: Regulator's sanctions undetermined, only affect outbound transfers for new users

The operator of South Korean crypto exchange Upbit, Dunamu, has responded to recent reports that the platform may face a business suspension imposed by the Financial Intelligence Unit (FIU) of the Financial Services Commission (FSC). Dunamu clarified that the financial regulator's sanction plan has not been finalized and that it will clarify the concerns raised through upcoming processes, including those involving the sanctions review committee. The platform operator also noted that the sanctions, if imposed, would not suspend crypto trading services for either existing or new users. Instead, they would restrict new customers from transferring virtual assets out of Upbit for a certain period of time.