South Korea orders Upbit operator to halt misleading fee ads

South Korea's Fair Trade Commission (FTC) has issued a corrective order against Dunamu, the operator of the Upbit exchange, for misleadingly advertising its transaction fees, Aju Business Daily reported. Dunamu advertised on its website that it was offering a significant discount, cutting fees from a supposed standard rate of 0.139% to a promotional 0.05%. However, an FTC investigation found that the company had never actually applied the 0.139% rate to general orders since the exchange's launch. The 0.05% fee, advertised as a temporary discount, has been the standard rate all along. The FTC opted only for a corrective order, which prohibits future violations, after considering that only five notices contained the false information and that their view count was low relative to the website's total traffic.