TechFlow News, April 28: According to Naver, South Korean cryptocurrency exchange Coinone has filed a lawsuit with the Seoul Administrative Court seeking to revoke a partial suspension order imposed by the Financial Intelligence Unit (FIU), and simultaneously applied for a stay of execution, in response to FIU sanctions. The core of this sanction restricts newly registered users from depositing or withdrawing crypto assets to and from external exchanges; existing users remain unaffected.
Previously, the FIU imposed a three-month partial suspension and a fine of KRW 5.2 billion on Coinone under the Act on Reporting and Using Specified Financial Transaction Information, citing violations related to prohibitions on transactions with unregistered operators, anti-money laundering (AML) requirements, know-your-customer (KYC) obligations, and transaction restrictions. With Coinone’s filing of the lawsuit, all major South Korean exchanges are now embroiled in legal disputes concerning FIU sanctions.
