Upbit Operator Dunamu Wins Lawsuit Against South Korea's Financial Intelligence Unit, Three-Month Suspension Revoked

BlockBeats News, April 9th, The South Korean court ruled on the administrative lawsuit filed by Upbit operator Dunamu against the Financial Intelligence Unit (FIU), ruling in favor of Dunamu and overturning FIU's three-month partial business suspension against it. The court found that, in the absence of specific enforcement guidelines from regulatory authorities, Dunamu had taken certain measures, including soliciting commitment letters from customers and self-monitoring.

Although the court acknowledged whether these measures were sufficient to prevent transactions with undeclared entities is debatable, Dunamu had fulfilled its reasonable obligations in the absence of clear guidance. Earlier, FIU had imposed a three-month partial business suspension on Upbit due to deficiencies in its control of transactions with undeclared entities. (DigitalAsset)