South Korea Imposes $24M Penalty on Dunamu for KYC Violations

Dunamu, operator of the Upbit cryptocurrency exchange, has been hit with a hefty $24 million fine by South Korean regulators. The penalty stems from significant non-compliance with Know Your Customer (KYC) regulations, resulting in over 8.6 million violations. This action underscores the strict regulatory landscape for crypto exchanges in South Korea and highlights the increasing importance of robust compliance protocols.