A partial business suspension ordered against South Korean virtual asset exchange Coinone, which had been set to take effect on the 29th, has been put off for one month.
According to the legal community and the virtual asset industry on the 28th, the Seoul Administrative Court decided to temporarily suspend the effect of the sanction until May 29 in a lawsuit Coinone filed against the head of the Financial Intelligence Unit (FIU) seeking to overturn the partial suspension, along with Coinone’s request for a stay of enforcement.
The court’s move pauses the sanction while it reviews the stay request and reaches a final judgment. It is not a final decision on the stay petition.
The FIU held a sanctions review committee meeting on the 13th and imposed a three-month partial business suspension on Coinone from April 29 to July 28, citing violations including duties to block prohibited transactions and to verify customer identities. It also levied an administrative fine of 5.2 billion won.
Coinone filed the cancellation suit and the stay request with the Seoul Administrative Court on the 27th, two days before the suspension was to begin.
The decision means Coinone will not be subject to the planned partial suspension for the next month.
Coinone’s legal challenge adds to a widening court fight between virtual asset exchanges and regulators. Upbit and Bithumb have also filed administrative lawsuits and sought stays to contest FIU sanctions.
* This article has been translated by AI.
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