South Korea Lifts Upbit’s Ban
A South Korean court has temporarily lifted the three-month business suspension on the crypto exchange Upbit, allowing it to serve new clients again.
The suspension had originally been imposed on February 25 by South Korea’s Financial Intelligence Unit (FIU), which prohibited Upbit from processing deposits and withdrawals for new users. The FIU cited violations related to transacting with unregistered virtual asset service providers (VASPs) as the reason for the action.
In response, Dunamu, Upbit’s parent company, filed a lawsuit against the FIU to overturn the suspension and requested an injunction to temporarily lift it.
On March 27, as reported by local media Newsis, the court granted the injunction, delaying the suspension for 30 days after a court judgment is reached. This decision allows Upbit to continue servicing new clients while the legal proceedings are ongoing.
