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South Korea's largest crypto exchange hit with partial suspension over AML violations

( February 25, 2025, 06:48 GMT | Official Statement) -- MLex Summary: Dunamu, the operator of South Korea's largest cryptocurrency exchange Upbit, has been hit with a partial business suspension for three months by South Korea's Financial Intelligence Unit. The sanctions, announced today, prohibit virtual-asset transfers for new customers from March 7 to June 6, following multiple violations of South Korea's anti-money laundering regulations. According to the regulator, Upbit conducted transactions with unregistered virtual-asset service providers and failed to properly verify customer identities in numerous instances. The company was also found to have violated regulations for inadequate suspicious-transaction reporting and launching new services without proper risk assessments.The official notice, in Korean, is attached....

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