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Upbit (Photo: Dunamu) |
[Alpha Biz= Paul Lee] Financial authorities' regulatory action against the cryptocurrency exchange Upbit, which includes a three-month partial suspension of its operations, has been temporarily suspended by the court.
According to financial and legal sources on Thursday, the Seoul Administrative Court's Administrative Division 5 made the decision on April 4 in response to a suspension request filed by Dunamu, the operator of Upbit, against the Financial Intelligence Unit (FIU). The court decided to temporarily suspend the enforcement of the FIU’s sanctions until March 27, considering that the first hearing is scheduled for the 13th.
A legal source explained, “Given the intense legal dispute between the two sides, it seems the court set the suspension period to two weeks after the hearing, allowing time for the review of additional materials.”
Earlier, the FIU found violations related to the reporting and use of specific financial transaction information by Dunamu and its employees. As a result, the FIU notified Upbit of a partial operational suspension, restricting new customer deposits of cryptocurrency from March 7 to June 6. In response, Dunamu filed a lawsuit with the Seoul Administrative Court on February 27, seeking to cancel the sanctions and requesting a suspension of enforcement.
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
