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Photo courtesy of Yonhap News |
[Alpha Biz= Paul Lee] The Financial Supervisory Service (FSS) has imposed an administrative fine on Dunamu Inc. for failing to comply with regulatory conditions tied to its designation as an innovative financial service provider.
According to financial authorities on August 19, Dunamu did not adhere to revised conditions set forth in March 2022 and June 2023 under the Financial Innovation Act. Under the Act, innovative financial service providers must comply with any changes to their designated terms.
Investigations revealed that from July 2022 to September 2024, Dunamu failed to implement investor protection measures requiring that general investors be allowed to purchase additional shares of professional-grade securities or sell above certain thresholds. In addition, when Dunamu added a new securities firm to its unlisted stock trading platform, Securities Plus Unlisted, it did not submit the required compliance reports to the FSS.
As a result, the FSS imposed a fine of KRW 24 million (approx. USD 18,000) on the company.
Securities Plus Unlisted, operated by Dunamu, was first designated as Korea’s inaugural innovative financial service under the Financial Innovation Act in April 2020.
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
