[Alpha Biz= Kim Jisun] Dunamu, the operator of Upbit, has assembled a legal team made up of former FIU and FSS officials as well as former senior judges as it seeks to overturn a partial business suspension imposed by the Financial Intelligence Unit (FIU).
The company is aiming to remove regulatory uncertainty ahead of its planned merger with Naver Financial, which requires a review by the Financial Supervisory Service.
The Seoul Administrative Court has held three hearings so far. Dunamu argues that the sanction should be canceled due to a lack of intent or gross negligence, while the FIU maintains that the company failed to address known compliance deficiencies.
Earlier this year, the FIU imposed a three-month partial suspension and a 35.2 billion won fine after finding that Upbit processed nearly 45,000 transactions involving 19 unregistered overseas crypto service providers without proper reporting or customer verification.
The merger review is expected to focus on internal controls, shareholder protection, and system stability.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
