Court "Partial Suspension of Upbit Operations, Suspension of Effect Until the 27th"

The financial authorities' sanctions against the virtual asset exchange Upbit, including a three-month partial suspension of operations, have been temporarily suspended by the court.

According to financial and legal circles on the 6th, the Administrative Division 5 of the Seoul Administrative Court made this decision on the 4th in the case where Dunamu filed for a suspension of execution against the Financial Intelligence Unit (FIU). Considering that the first hearing is scheduled for the 13th, the court provisionally suspended the effect of the FIU's sanctions until the 27th.

On the 3rd, amid growing concerns over global trade disputes triggered by the US-originated trade war, the price of Bitcoin, the leading cryptocurrency, plummeted below $100,000. A customer visiting the Upbit Customer Center in Gangnam-gu, Seoul, is waiting to receive consultation. Photo by Kang Jin-hyung

A legal insider stated, "Since the dispute between both parties is intense, it seems that the suspension period was set to two weeks after the hearing date to allow time for reviewing additional materials."

Earlier, the FIU detected violations of the Act on Reporting and Using Specified Financial Transaction Information by Dunamu and its employees and notified a partial suspension of operations restricting the transfer of virtual assets for newly registered customers from the 7th of this month to June 6th. In response, Dunamu filed a main lawsuit at the Seoul Administrative Court on the 27th of last month requesting the cancellation of the sanctions and also applied for a suspension of execution.