PANews reported on January 16 that Dunamu, the operating company of the South Korean crypto exchange Upbit, officially responded to recent reports that the platform may be subject to a suspension of business penalty by the Financial Intelligence Analysis Unit (FIU) under the Financial Services Supervisory Service (FSS) of South Korea. Dunamu made it clear that the financial regulator's penalty plan has not yet been finalized, and the questions raised will be clarified through subsequent processes including the Sanctions Review Committee. At the same time, Dunamu also emphasized that even if the penalty is finally implemented, it will not affect the cryptocurrency trading services for existing and new users. The penalty will only limit new users from transferring virtual assets from the Upbit platform within a specific time.

Earlier today, South Korean financial authorities notified Upbit that it would face suspension of operations .