FIU fines Upbit operator Dunamu $25.4M for compliance violations

South Korea's Financial Intelligence Unit (FIU), operating under the Financial Services Commission, has fined Dunamu, the operator of the Upbit crypto exchange, 35.2 billion won ($25.4 million) for regulatory breaches, Yonhap News reported. The FIU announced that an on-site anti-money laundering inspection last year uncovered approximately 8.6 million violations of the Act on Reporting and Using Specified Financial Transaction Information. The specific infractions included 5.3 million cases of failing to conduct customer due diligence, around 3.3 million violations of transaction restriction requirements, and 15 failures to report suspicious transactions.