Dunamu challenges 35.2B won fine from financial watchdog

Dunamu, the operator of South Korean crypto exchange Upbit, has initiated legal proceedings to challenge the amount of a fine imposed by financial authorities. According to a report by Dailyan, Dunamu recently filed an objection to a 35.2 billion won ($26.5 million) penalty from the Financial Intelligence Unit (FIU), which operates under the Financial Services Commission. The FIU issued the fine after an inspection in November last year uncovered violations of laws on specified financial transactions. Under current law, filing an objection suspends the penalty's enforcement. The final amount will be determined by a court, opening the possibility that the fine levied on Dunamu could be adjusted based on the ruling.