Min Byung-deok “Upbit, Possible to Impose a Fine of Up to 183 Trillion… FIU Must Follow the Law”

Democratic Party Lawmaker Min Byung-deok urged that the Financial Intelligence Unit (FIU) should impose fines on the largest virtual asset exchange in the country, Upbit, according to the law. According to Min's office, an analysis of the inspection results of Dunamu, the operator of Upbit, released by FIU on February 25 this year, revealed a total of over 9.57 million cases of legal violations in 10 types, which could lead to fines of up to 183 trillion won.

So far, FIU has imposed some operational suspensions for three months on Dunamu and disciplined 10 employees with dismissals and reprimands, but fine imposition has been delayed. Min emphasized that “FIU cannot avoid allegations of preferential treatment if it does not handle the matter according to the law” and stressed the need for strict fine imposition according to the number of violations and the law.

Meanwhile, the matter is likely to serve as an important touchstone for securing transparency and institutional trust in the virtual asset market, drawing significant attention from the industry.