Korean crypto exchange Upbit hit with 3-month restriction on new user transfers

The exchange of Upbit South Korean crypto faces a three-month suspension on new user transfers following violations of local regulations.

One of the greatest exchanges of Korean cryptography Bit Was affected by a three-month suspension on new user transfers by the Financial Services Commission due to violations of several financial regulations, the South Korean newspaper Jongang Ilbo A learned.

The limitations come as a response due to the non-compliance with the trading restrictions, customer verification tasks and the obligations to report suspicious transactions, the report indicates.

With the suspension, the Korean financial guard dog also issued a warning to the CEO of Dunamu, the parent company of Upbit, and rejected nine staff members, including the company’s compliance officer, the report said.

Dunamu recognized the intentions of regulatory action, declaring that he “carefully discusses future steps”. The company has also reassured that if new user transfers are restricted, the service for existing users is not affected.

Like crypto.News reported Earlier, Upbit, which controls more than 70% of the local cryptography market, was examined due to more than 700,000 KYC violations discovered during a review of its commercial license renewal. In addition, Upbit agreed To provide the greatest payment ever made to users according to the failures of the system launched by the declaration of martial law in December 2024, in the middle of a coup d’etat South KoreaWhen government actions have led to generalized disorders and major disruptions across the country.