Upbit Hit with $25M Fine and Sanctions from FIU
Written by Ohris M. Greyoon, Blockchain & Crypto Expert
Sanctions Imposed: Dunamu Inc., operator of Upbit, has been fined $25 million and faces a three-month ban on new user registrations due to 34,777 KYC violations involving incorrect ID documents.
Impact on Operations: While existing Upbit users can continue trading, the suspension of new registrations may affect Dunamu's market positioning and future strategies.
Regulatory Scrutiny: The sanctions reflect ongoing compliance challenges for Upbit, following previous actions related to security breaches, and highlight a gap in anti-money laundering practices.
Commitment to Compliance: Dunamu plans to appeal the decision and has expressed intentions to enhance investor protection measures to prevent future violations.
About the author
Ohris M. Greyoon
Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.
