A South Korean court temporarily raised the suspension of partial affairs on Upbit Crypto Exchange which had prohibited the negotiation platform from serving new customers for three months.
On February 25, the South Korea Financial Intelligence (FIU) sanctioned the exchange, imposing a three -month ban on deposits and withdrawals for new customers. The FIU previously declared that the suspension was in response to upbit violations of policies which prohibit exchanges from transgugance with unregistered virtual active service providers (VASP).
In response to the sanction of the CRF, the parent company of Upbit, Dunamu, filed a complaint against the CRF, seeking to cancel the partial suspension order. In addition, Dunamu asked for an injunction to temporarily raise the suspension order.
On March 27, the local media Newsis reported that the court granted the injunction, moving the suspension order 30 days after the trial of the court. This allows Upbit to serve new customers while the legal battle continues.
Upbit surveys led to a 3 -month suspension order
Founded in 2017, Upbit is the greatest exchange of Crypto in South Korea. On October 10, the country’s financial services committee (FSC) launched an investigation into Upbit for potential violations of the country’s anti-monopoly laws.
In addition to anti-monopoly violations, the exchange is suspected of violating the rules of your client (KYC). On November 15, the CRF identified at least 500,000 to 600,000 potential KYC violations of the exchange. The regulator identified alleged violations while examining the renewal of trade licenses in the exchange.
In 2018, South Korean regulators ended an anonymous crypto exchange for its citizens. With new development, users must go through KYC procedures before being allowed to exchange digital assets on cryptographic trading platforms like Upbit.
In addition to these allegations, the CRF has accused Upbit of facilitating 45,000 transactions with unregistered foreign cryptography exchanges. This violates the law of the country on reports and the use of specified financial transaction information.
In relation: South Korea plans to regulate transfective stablecoin transactions
South Korea reprimands overseas exchanges
On October 25, 2024, South Korea strengthened its monitoring of cross -border transactions on cryptographic assets. The country’s finance minister, Choi Sang-Mok, said the government would present a declaration warrant for companies that manage cross-border transactions with digital assets.
This aims to promote preventive monitoring of cryptographic transactions “used for tax evasion and the manipulation of money”.
In accordance with the rules, Google Play from South Korea has blocked the applications of 17 exchanges of cryptography at the request of the CRF. The CRF said it was also trying to restrict access to exchanges using the Internet and Apple App Store.
https://www.youtube.com/watch?v=ndv0rfehetq
Review: Ridiculous cryptographic scam “Chinese Mint”, Japan plunges into stabbed: Asia Express
