[Alpha Biz= Kim Jisun] Dunamu, the operator of South Korea’s largest cryptocurrency exchange Upbit, has filed an objection to a KRW 35.2 billion (USD ~260 million) administrative fine imposed by financial regulators.

According to industry sources on Friday, Dunamu recently submitted a formal objection to the Financial Intelligence Unit (FIU) under the Financial Services Commission, seeking judicial review of the penalty’s validity and proportionality.

Once an objection is filed, enforcement of the fine is automatically suspended. The FIU is required to refer the case to a competent court within two weeks, after which the final penalty amount will be determined through judicial proceedings.

The FIU imposed the record-high fine in November last year, citing violations of South Korea’s Act on Reporting and Using Specified Financial Transaction Information. Regulators said an on-site inspection uncovered approximately 8.6 million violations, including failures to conduct proper customer due diligence, breaches of transaction restriction requirements, and unreported suspicious transactions.

The case marks the largest administrative penalty ever imposed by the FIU and is being closely watched as a test of regulatory enforcement standards in South Korea’s cryptocurrency sector.

 

 

 

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