Court Temporarily Suspends Financial Authority's 'Upbit Sanctions'
Summary
- The court reported that it has temporarily suspended the effectiveness of the financial authority's sanctions against Upbit.
- Upbit's operator Dunamu announced that it has taken a strong stance through 7 attorneys from Kim & Chang.
- It was reported that attention should be paid to how Dunamu's lawsuit will affect Upbit's business and the virtual asset trading market in the future.
The court has temporarily suspended the effectiveness of the partial business suspension imposed on the cryptocurrency exchange Upbit by financial authorities.
According to industry sources on the 14th, the Administrative Division 5 of the Seoul Administrative Court accepted Dunamu's application for suspension of execution against the Korea Financial Intelligence Unit (FIU) and temporarily halted the effectiveness of the regulatory sanctions.
Previously, the FIU imposed a partial business suspension that restricted new Upbit users from transferring virtual assets from March 7 to June 6, citing violations of the Act on Reporting and Using Specified Financial Transaction Information. In response, Dunamu took a strong stance by filing a lawsuit to cancel the sanctions, appointing seven attorneys from Kim & Chang law firm as their representatives.
Suehyeon Lee
shlee@bloomingbit.ioI'm reporter Suehyeon Lee, your Web3 Moderator.
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