Dunamu wins approval to use South Korea government data for Upbit KYC

Dunamu has become the first South Korean crypto exchange operator approved to use the government’s shared administrative information system, giving Upbit a new way to verify customer information during KYC checks. Summary Dunamu became the first Korean crypto exchange operator approved to use the government’s administrative information system. Upbit plans to use the service for KYC checks and reduce document submissions from customers. The approval followed an on site inspection by the Ministry of the Interior and Safety in May. Dunamu has also faced regulatory scrutiny over Upbit’s KYC and anti money laundering controls. Yonhap News Agency reported on Aug. 26 that South Korea’s Ministry of the Interior and Safety designated Dunamu as an eligible institution this month after conducting an on-site inspection in May and reviewing whether the company met the required conditions. The designation allows the Upbit operator to use administrative information held by government agencies when carrying out customer verification, reducing the amount of supporting documentation users may need to submit themselves. Dunamu gains access to government data for KYC South Korea’s administrative infor...