TechFlow reports on March 27, according to Newsis, the penalty of a "three-month partial business suspension" imposed on Upbit by South Korea's financial authorities has been temporarily suspended. On March 26, the Seoul Administrative Court granted Upbit operator Dunamu's application for suspension of execution filed against the Financial Intelligence Unit (FIU) of South Korea.
According to the court ruling, the enforcement of Upbit's partial business suspension will be put on hold until the conclusion of the main lawsuit concurrently filed by Dunamu. Specifically, the penalty's effect will remain suspended until 30 days after the announcement of the judgment in the main case. This means that new Upbit users can temporarily continue depositing and withdrawing cryptocurrencies.
Previous report, South Korea’s Financial Intelligence Unit restricted new user cryptocurrency transactions on Upbit for a period of three months.
