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Crypto

FIU fines Coinone 5.2 billion won and imposes partial business suspension for 3 months

South Korea’s Financial Intelligence Unit (FIU) said on April 13 it decided to impose a 5.2 billion won fine on digital asset exchange Coinone and suspend part of its business for three months. It also decided to issue a disciplinary warning to the chief executive. During the suspension, existing customers can trade without restrictions, while new customers face temporary limits on external virtual-asset transfers.

Crypto

Court cancels 3-month partial suspension order on Upbit, Dunamu wins first trial

Dunamu, operator of digital asset exchange Upbit, won a first-instance administrative lawsuit challenging a 3-month partial business suspension imposed by South Korean financial authorities. The Seoul Administrative Court ruled in Dunamu’s favour in a case against the Financial Intelligence Unit under the Financial Services Commission. The court said clear rules exist to block transactions with unreported digital asset businesses for trades of 1 million won or more, but regulation is insufficient below that threshold.

Crypto

Dunamu, Bithumb formalise IPO plans, differ on timing and approach

Dunamu, operator of Upbit, and rival Bithumb held annual shareholder meetings on Monday and formalised plans to pursue initial public offerings. Dunamu said it would push ahead with an IPO as soon as its merger with Naver Financial is completed, while Bithumb said it would strengthen internal controls through 2027 before seeking a listing. Bithumb shareholders also raised issues including a recent bitcoin mispayment and a Financial Intelligence Unit fine.