The Korea Fair Trade Commission on the 25th ordered Dunamu, the operator of the virtual asset exchange Upbit, to correct an ad that falsely said its transaction fee rate was discounted.
According to the Korea Fair Trade Commission (FTC), Dunamu advertised through a notice on its website as if the transaction fee rate had been drastically discounted from 0.139% to 0.05%. But Dunamu has applied a 0.05% fee rate since it began operations in 2017. The 0.139% rate was a figure discussed only in Dunamu's internal plans.
The Korea Fair Trade Commission (FTC) applied a charge for violating Article 3, Paragraph 1, Subparagraph 1 of the Act on Fair Labeling and Advertising, which bans ads that cause consumers to misunderstand facts. However, it did not impose a penalty surcharge. It said this was because only 5 of 5,000 website notices were related to the false discount and those notices had low view counts.
The Korea Fair Trade Commission (FTC) said, "This is the first case of sanctioning unfair advertising by a virtual asset exchange," adding, "We will continue to monitor unfair advertising by virtual asset exchanges and respond strictly when detected."