Dunamu, the operator of cryptocurrency exchange Upbit, has filed an appeal against a 35.2 billion won ($25 million) fine imposed by financial regulators.
According to cryptocurrency industry sources on the 9th, Dunamu recently submitted an appeal to the Financial Intelligence Unit (FIU) under the Financial Services Commission. The company intends to have the judiciary determine whether the fine was appropriately imposed.
Once the appeal is accepted, the FIU's fine will be immediately suspended. The FIU must transfer the case to the court with jurisdiction within two weeks of receiving the appeal, after which a trial will determine the final penalty amount.
The FIU imposed the 35.2 billion won fine on Dunamu in November last year for violations of the Act on Reporting and Using Specified Financial Transaction Information. This represents the largest fine ever issued by the FIU. At the time, the FIU's on-site inspection uncovered approximately 8.6 million violations, including roughly 5.3 million cases of customer identification duty violations, approximately 3.3 million cases of transaction restriction duty violations, and 15 cases of unreported suspicious transactions.