The Financial Intelligence Unit (FIU) claimed UPbit failed to fully comply with requirements for the protection of customer identification, critical measures designed to curb illicit activities such as money laundering and fraud.
The preliminary notice, issued on Jan. 9, outlines restrictions on new customer deposits and withdrawals. However, Dunamu, the operator of UPbit, clarified that the suspension would not affect cryptocurrency trading for existing or new users within the platform.
“This measure primarily limits new customers from transferring virtual assets outside the exchange for a specified period,” Dunamu said in an official statement.
UPbit is preparing to contest the allegations and will present its case before a sanctions review committee meeting scheduled for Jan. 21. Regulators are expected to determine the final scope and duration of the suspension during the session.
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