Summary
- Dunamu announced that it has filed a lawsuit to cancel the partial business suspension order issued by the Financial Services Commission's FIU.
- The sanction was imposed for violations of the Act on Reporting and Using Specified Financial Transaction Information and restricts new customers from depositing and withdrawing virtual assets.
- A Dunamu representative explained that the decision to take legal action was made 'after reviewing various response options.'
Dunamu, the operator of the cryptocurrency exchange Upbit, has filed a lawsuit to cancel the partial business suspension order issued by the Financial Intelligence Unit (FIU) under the Financial Services Commission.
Dunamu announced on the 28th that it filed a lawsuit on the 27th with the Seoul Administrative Court to cancel the three-month partial business suspension order, along with a request for suspension of execution.
A Dunamu representative explained about this measure, "After receiving notification of the FIU's sanctions against Upbit, we reviewed various response options," adding, "After internal discussions, we concluded that legal action was the appropriate response."
Previously, on the 25th, the FIU notified Dunamu of a three-month partial business suspension, a warning against CEO Lee Seok-woo, dismissal of the compliance officer, and disciplinary actions against nine employees for violations of the Act on Reporting and Using Specified Financial Transaction Information.
The partial business suspension will be in effect from March 7 to June 6, restricting new customers from depositing and withdrawing virtual assets on Upbit.
Existing customers and new customers will still be able to trade virtual assets and deposit/withdraw Korean won as before.
Reporter Park Chan-hwi pch8477@wowtv.co.kr
Korea Economic Daily
hankyung@bloomingbit.ioThe Korea Economic Daily Global is a digital media where latest news on Korean companies, industries, and financial markets.
