Upbit operator Dunamu files lawsuit to overturn business sanction
Upbit parent firm Dunamu attempts to overturn its business sanction after regulators find serious faults in its verification process.
Upbit’s parent company, Dunamu, has reportedly filed a lawsuit against South Korea’s Financial Intelligence Unit (FIU) — a division under the country’s top market regulator, the Financial Services Unit (FSC) — challenging its imposed sanctions.
Dunamu told the state-funded Yonhap News Agency on Feb. 28 that it had submitted a lawsuit to the Seoul Administrative Court on Feb. 27 seeking to overturn the FIU’s partial business suspension order. The company also applied for an injunction to halt the enforcement of the sanctions.
The lawsuit follows the FIU’s partial suspension of Upbit’s operations, which restricts the exchange from processing external crypto transactions for new customers. Services for existing customers remain unaffected.
Read more
