Upbit demands revocation of South Korean financial regulator's suspension penalty

The operator of South Korean virtual asset exchange Upbit, Dunamu, has filed a lawsuit with the Seoul Administrative Court to revoke the business suspension order imposed by South Korea's Financial Intelligence Unit (FIU) and apply for a stay of execution.
Previously, FIU made a number of disciplinary decisions against Dunamu and its employees on February 25 for violating the Specific Financial Information Act, including imposing a three-month business suspension on nine employees, issuing a warning to CEO Lee Seok-woo, and dismissing the head of compliance. The suspension order will restrict new customers from transferring virtual assets between March 7 and June 6.