Background: On September 24, 2021, South Korean cryptocurrency exchange Upbit's parent company Dunamu was hit with a business suspension order by the Financial Services Commission (FSC). The FSC found serious flaws in Upbit's verification process, which led to the sanction. This has caused a lot of concern and speculation in the crypto community, with many wondering about the future of Upbit and Dunamu. What went wrong? According to the FSC, Upbit's verification process failed to comply with anti-money laundering regulations. This allowed for potential money laundering and terrorist financing activities to go undetected. The FSC also found that Upbit had inadequate measures in place to prevent illegal activities, such as market manipulation and insider trading. As a result, the FSC ordered a three-month suspension of Upbit's business operations. Impact on Dunamu and Upbit: The business suspension order has caused significan...
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