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South Korea's Dunamu challenges FIU over restrictions on new user crypto transfers The operator of South Korea's Upbit crypto exchange, Dunamu, filed a lawsuit on Feb. 27 against the Financial Intelligence Unit (FIU) under the Financial Services Commission (FSC), according to the Korean news agency Yonhap. The lawsuit was submitted to the Seoul Administrative Court. It seeks to overturn a three-month suspension imposed on certain Upbit operations and to request a halt to the execution of this suspension. Two days ago, when the partial suspension notice was issued, the FIU also held nine Upbit employees accountable, including the CEO. He received a reprimand and was removed from his role as a compliance officer.

🚨 South Korea's FIU hits #Upbit with sanctions for KYC violations. 👥 📄

South Korea’s Financial Services Commission (FSC) is getting ready to announce its decision on possible sanctions against Upbit. The decision comes after findings that Upbit didn’t fully meet customer verification requirements meant to prevent money laundering. The FSC’s Chairman, Kim Byoung-hwan, stated that the review process would soon wrap up , addressing concerns about delays raised by lawmaker Kim Jae-seop. During a National Assembly session, Chairman Kim assured the public that the FSC is working to resolve the matter quickly, pointing out it could affect market dynamics. He clarified that the review process has taken longer than initially thought because of multiple meetings to gather input from all parties involved. Despite the process taking time, Kim indicated that a resolution would be reached soon, given the possible effects for the crypto market in South Korea. Related: South Korea Accelerates Crypto Regulations as U.S. Policies Shift The Financial Intelligence Unit (FIU) conducted an inspection as part of Upbit’s application to renew its virtual asset service provider (VASP) license and discovered several suspected breaches of anti-money laundering (AML) regulations, including problems in the exchange’s Know Your Customer (KYC) procedures. It is common law that financial institutions in South Korea must verify their customers’ identity using government-issued ID cards to prevent illicit activities. However, Upbit’s processes were found to be incomplete, leading to the discovery of hundreds of thousands of suspected violations. Alongside this matter, the FSC has also announced plans to lift the ban on institutional cryptocurrency trading, which has been in place for nearly eight years. This policy shift, planned to happen in two phases throughout 2025, will align with the increasing demand for blockchain-based financial products while keeping in step with global trends. Related: South Korea Reverses Course: Institutions Get Green Light for Crypto Trading From the second half of 2025, organizations such as universities and charities will be permitted to sell crypto donations. Additionally, the FSC will introduce new guidelines to prevent market manipulation, including stronger listing standards and minimum supply requirements for new crypto assets. Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

Which foreign exchange will be the next to become FIU-compliant? 👇 #ByBit or #CoinBase ?

GERMAN authorities conducted a major AML operation today (Tuesday), seizing 13 crypto ATMs used for trading Bitcoin and other cryptocurrencies. Financial services regulator BaFin, supported by police and Bundesbank officials, also confiscated nearly €250,000 in cash. The raids took place at 35 locations across Germany. BaFin stated that the seized ATMs were operating without the necessary authorization and posed significant money laundering risks. The ATM operators now face prosecution and could be sentenced to up to five years in prison. In a statement, BaFin explained that the operation was carried out with the assistance of “police, the Deutsche Bundesbank, and in coordination with the Federal Criminal Police Office (BKA).” “Converting euros into cryptocurrencies and vice versa constitutes commercial proprietary trading or a banking transaction, which under the law (Section 32 of the Banking Act) requires BaFin’s explicit permission,” the regulator noted. “The authorization requirement safeguards the integrity of the financial system and consumer protection. Trading in crypto assets carries significant risks, including the possibility of total loss,” it added. Some crypto ATMs also attract users with criminal intentions. For transactions exceeding €10,000 in cash, the identity of the customer must be verified (“Know Your Customer” or KYC procedure). If there are indications of illegal money origins or connections to terrorist financing, a report must be submitted to the Central Office for Financial Transaction Investigations (FIU). ATMs that fail to comply with these due diligence obligations are prone to money laundering due to their anonymity. “BaFin acts in the public interest, aiming to ensure a functional, stable, and trustworthy financial system in Germany. Customers of banks, insurers, and investment service providers should be able to trust the financial system,” the regulator emphasized. The Financial System Integrity (IF) Division, alongside the Resolution and Money Laundering Prevention Division, is responsible for evaluating authorization requirements and prosecuting unauthorized transactions. It works closely with BaFin’s Money Laundering Prevention Department.