South Korea's Financial Intelligence Unit (FIU) has imposed a three-month partial business suspension on Upbit, the country's largest cryptocurrency exchange, effective from March 7 to June 6, 2025. The suspension, targeting new customer transactions, leaves existing users unaffected, allowing them to continue trading without interruption. The regulatory action stems from Upbit's violations, including transactions with 19 unregistered overseas virtual asset service providers and failing to meet customer verification obligations. The FIU's inspection revealed that Upbit facilitated 44,948 transactions with these entities, despite previous warnings. Upbit's parent company, Dunamu, and its CEO, Lee Seok-woo, have been issued a warning. Additionally, nine employees, including the compliance officer, face disciplinary actions. Despite these measures, Upbit has reassured its current user base that all services remain fully operational for them.