Upbit operator Dunamu files lawsuit to overturn business sanctions

Upbit parent firm Dunamu is trying to overturn sanctions imposed by regulators after they found faults with Upbit’s verification process.

Upbit’s parent company, Dunamu, has reportedly filed a lawsuit against South Korea’s Financial Intelligence Unit (FIU) — a division under the country’s top market regulator, the Financial Services Unit (FSC) — challenging sanctions that it imposed.

Dunamu told the state-funded Yonhap News Agency on Feb. 28 that it had submitted a lawsuit to the Seoul Administrative Court on Feb. 27 seeking to overturn the FIU’s partial business suspension order. The company also applied for an injunction to halt enforcement of the sanctions.

The lawsuit follows the FIU’s partial suspension of Upbit’s operations, which blocked the exchange from processing external crypto transactions for new customers. Services for existing customers remain unaffected.

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