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Photo = Yonhap news |
[Alpha Biz= Paul Lee] Upbit, a cryptocurrency exchange, has temporarily suspended the 'partial business suspension' penalty it received from financial authorities.
On Wednesday, the 5th Division of the Seoul Administrative Court granted a request for a suspension of enforcement filed by Dunamu, the operator of Upbit, against the Financial Services Commission’s Financial Intelligence Unit (FIU). According to the court's decision, the effect of the partial business suspension will be paused until 30 days after the court delivers its ruling on the main lawsuit filed by Dunamu.
FIU had imposed a three-month partial business suspension on Upbit on February 25, for alleged violations including engaging in transactions with unregistered cryptocurrency businesses, failing to fulfill customer verification obligations, and failing to report suspicious transactions. According to the original sanctions, from March 7 to June 6, new customers were to be restricted from transferring (depositing and withdrawing) cryptocurrency. However, Dunamu filed a lawsuit against the financial authority’s sanctions on February 27 and requested a suspension of the enforcement, leading to the halt of the suspension's effect.
With this decision, Dunamu has temporarily avoided the partial business suspension and can breathe a sigh of relief for now. The first hearing date for the lawsuit filed by Dunamu seeking the cancellation of the partial business suspension has not been set yet. A representative from Dunamu commented, "We will diligently clarify our position in the remaining procedures."
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
