PANews reported on November 25th that Dunamu, the parent company of Upbit, South Korea's largest exchange, is considering appealing the 352 million won (approximately $25 million) fine and related sanctions imposed by the Financial Intelligence Service (FIU). The FIU alleged that Upbit had approximately 5.3 million violations related to KYC and suspicious transaction reporting, suspended its new customer acquisition for three months, and issued a warning to management. Dunamu stated that it is internally reviewing the accuracy of the sanctions and pointed out that the FIU's decision was overturned by the court in the Hanbitco case. The regulatory authorities emphasized that this is part of a nationwide AML crackdown, and Bithumb, Coinone, Korbit, and GOPAX have also been found to have violated regulations. Upbit stated that it has strengthened investor protection and will improve compliance to ensure a safe trading environment.PANews reported on November 25th that Dunamu, the parent company of Upbit, South Korea's largest exchange, is considering appealing the 352 million won (approximately $25 million) fine and related sanctions imposed by the Financial Intelligence Service (FIU). The FIU alleged that Upbit had approximately 5.3 million violations related to KYC and suspicious transaction reporting, suspended its new customer acquisition for three months, and issued a warning to management. Dunamu stated that it is internally reviewing the accuracy of the sanctions and pointed out that the FIU's decision was overturned by the court in the Hanbitco case. The regulatory authorities emphasized that this is part of a nationwide AML crackdown, and Bithumb, Coinone, Korbit, and GOPAX have also been found to have violated regulations. Upbit stated that it has strengthened investor protection and will improve compliance to ensure a safe trading environment.