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Upbit Partner Firm Faces 3 Month Partial Suspension From South Korea
The notice is due to the company's "violation of the obligation to prohibit transactions with unreported virtual asset operators," it said.
What to know:
Crypto exchange Upbit's partner firm Dunamu will have to partially suspend its business for three months in South Korea, a Tuesday notice from Korea's Financial Intelligence Unit said.
The notice that the exchange got was due to the company's "violation of the obligation to prohibit transactions with unreported virtual asset operators," it said. Dunamu is the entity that operates Upbit's South Korean business.
Upbit said in a notice that the suspension prohibits new customers from transferring crypto on the exchange, though existing customers will still be able to trade.
"Upbit is reviewing and taking action on the necessary improvements in response to the financial authorities’ recent sanctions," it said in the statement.
The crypto exchange is the largest in South Korea, with $6.7 billion daily volume while, Bithumb is second with $2.8 billion volume according to data from CoinMarketCap.
Read more: Upbit, South Korea's Largest Crypto Exchange, May Face Sanctions in the Country: Report
Oliver Knight contributed reporting.
Camomile Shumba
Camomile Shumba is a CoinDesk regulatory reporter based in the UK. Previously, Shumba interned at Business Insider and Bloomberg. Camomile has featured in Harpers Bazaar, Red, the BBC, Black Ballad, Journalism.co.uk, Cryptopolitan.com and South West Londoner. Shumba studied politics, philosophy and economics as a combined degree at the University of East Anglia before doing a postgraduate degree in multimedia journalism. While she did her undergraduate degree she had an award-winning radio show on making a difference. She does not currently hold value in any digital currencies or projects.
