Upbit Appeals Against South Korea's Financial Intelligence Unit, Requests Reversal of Previous Regulatory Penalty

BlockBeats News, February 28th. According to Yonhap News Agency, Dunamu, the operator of South Korea's largest cryptocurrency exchange Upbit, has filed a lawsuit with the Seoul Administrative Court to seek the repeal of part of the business suspension order implemented by the Korea Financial Intelligence Unit (FIU) and has requested a stay of execution.

BlockBeats previously reported that on February 25th, the Korea Financial Intelligence Unit (FIU) announced regulatory measures against Upbit, South Korea's largest cryptocurrency exchange. According to the regulations, Upbit will be restricted from new user cryptocurrency deposits and withdrawals for the next 3 months.

Upbit has stated that it has taken necessary improvement measures and believes that certain factors were not adequately considered by the FIU. It will formally clarify its position through the appropriate procedures. The FIU's sanctions may change, and if lifted, new users will regain full service access. Existing users are not affected.