Seoul: South Korea’s financial watchdog on Thursday slapped a fine of 35.2 billion won ($24.3 million) on Dunamu, the operator of the country’s top cryptocurrency exchange, Upbit, for violating customer identification obligations.

The Financial Intelligence Unit (FIU) under the Financial Services Commission said Dunamu did not comply with its obligations to verify the identities of users in about 5.3 million cases and committed other violations, including failing to report 15 suspicious transactions, reports Yonhap news agency.

In particular, the company accepted photocopies or re-photographed image files of user portraits, in which their identities could not be fully verified, instead of requiring original documents.

There were also cases in which the address field of the customer iden

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