The Financial Services Commission of South Korea has suspended some operations of Dunamu for three months due to regulatory violations. Dunamu is the parent company of Upbit, the largest cryptocurrency exchange in South Korea. The violations include trading with unreported virtual asset operators, failing to meet customer verification obligations, and not reporting suspicious transactions. The transfer of virtual assets for new customers will be restricted from March 7 to June 6.

South Korea’s Financial Services Commission has suspended some businesses of Dunamu, the parent firm of the country’s largest cryptocurrency exchange Upbit, for three months over violation of certain rules.Dunamu violated the rule that prohibits transactions with unreported virtual asset operators, along with customer verification obligations and the obligation to report suspicious transactions, the regulator said in a statement on Tuesday. Transfer of virtual assets by new customers will be restricted from March 7 to June 6, according to the statement

The South Korean financial regulatory agency has suspended some operations of Dunamu due to violations.