EddieJayonCrypto
27 Mar 25
Upbit and its parent company, Dunamu, have obtained a temporary suspension of a three-month business restriction imposed by South Korea’s Financial Intelligence Unit (FIU). This allows new Upbit users to continue depositing and withdrawing crypto assets until at least 30 days after the final judgmen...
Seoul Administrative Court has temporarily suspended Upbit's business restriction following the challenge by its parent company, Dunamu, against FIU's disciplinary action. This allows new Upbit users to continue depositing and withdrawing crypto assets until at least 30 days after the final judgment of the main lawsuit. The judicial decision came after Dunamu argued that the penalties were excessive, leading to the court ruling in their favor and granting an emergency suspension of the business restriction.
Upbit was penalized for alleged violations of South Korea’s Special Financial Transactions Act, related to transactions with unregistered overseas exchanges without real-name verification. Despite sympathizing with the authorities' sanctions aimed at establishing anti-money laundering systems, Upbit responded by challenging the suspension, leading to the recent court ruling. The victory offers Upbit a temporary reprieve, but the final lawsuit verdict will determine the outcome.
Additionally, Upbit announced the launch of Wallace (WAL) trading pairs, tied to the Walrus protocol, which focuses on decentralized storage for blockchain data. The listing of WAL could elevate Upbit's visibility in South Korea and bolster its market presence. The South Korean government's order for Google to block foreign cryptocurrency exchanges further positions Upbit to strengthen its market presence and attract more users.