Naver to acquire Dunamu in KRW 20T stock-swap, paving way for Upbit Nasdaq IPO

first published 2025-11-24T07:45:18Z

South Korea's Financial Intelligence Unit (FIU) will pursue enforcement actions and fines against several domestic crypto exchanges after on-site inspections found widespread AML and KYC deficiencies. Dunamu (Upbit) was hit with a three-month suspension on new user deposits/withdrawals and a 35.2 billion won fine. The FIU has inspected Korbit, GOPAX, Bithumb, and Coinone and may issue similar sanctions; offshore platforms such as KuCoin were previously blocked for operating without FIU registration and basic compliance. Regulators say fines could total hundreds of billions of won, with decisions expected by the first half of 2026. The Financial Services Commission has also temporarily suspended crypto lending services amid legal and consumer-protection concerns.

AI Analysis

The story reports concrete enforcement actions: a 35.2 billion won fine and three-month deposit/withdrawal suspension for Dunamu (Upbit), on-site inspections of Korbit, GOPAX, Bithumb and Coinone with potential similar sanctions, prior blocking of offshore platforms like KuCoin for operating without FIU registration, and regulator estimates that fines could total hundreds of billions of won; the FSC has also suspended crypto lending services. These facts point to negative regulatory pressure and potential disruption to exchange operations and market access.

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