Financial Authorities' 'Upbit Sanctions' Suspended Until the 27th of This Month

The effect of financial authorities' sanctions against the virtual asset exchange Upbit has been temporarily suspended.

According to legal circles on the 6th, the Seoul Administrative Court made this decision on the 4th in a case where Dunamu filed for a suspension of execution against the Financial Intelligence Unit (FIU). Specifically, the court temporarily suspended the effect of the FIU's sanctions against Upbit until the 27th of this month. This is interpreted as considering that the first hearing date for the case is scheduled for the 13th.

Previously, the FIU imposed sanctions on Dunamu, the operator of Upbit, on the 25th of last month for violating the Act on Reporting and Using Specified Financial Transaction Information. The core of the sanctions includes a partial business suspension that restricts new customers from transferring virtual assets for three months from the 7th of this month until June 6th. In response, Dunamu filed a lawsuit on the 27th of last month with the Seoul Administrative Court requesting the cancellation of the FIU sanctions and also applied for a suspension of execution of the sanctions.