The suspension stopped for 3 months, the steps of the South Korean court in

The leading Upbit in South Korea temporarily stopped “suspending the partial operations for three months.”

The South Korean court interacts based on Upbit’s final ruling

According to local media reports, the Administrative Court in Seoul decided on March 26 to grant a request from Dunamu, the company behind Upbit, to suspend the comment while the court reviewed the main case. This means that APbit will not face the comment until the court issues its final ruling, which may take up to 30 days after specifying the main lawsuit.

The Financial Intelligence Unit (FIU) had previously imposed a comment of compassion, accusing the exchange of transactions with the non -reported coding exchanging and its failure to verify customer identities. FIU also made warnings to Upbit CEOs and launched some compliance officers. Dunamu filed a lawsuit to cancel this suspension and asked the court temporarily to be suspended until the case is determined.

South Korea is closely monitoring the exchange of cryptocurrencies that violate the regulatory rules. Recently, the country’s organizational authorities have prevented access to 17 foreign encryption applications on Google Play to work without a suitable registration. These include Kucoin, Mexc, PhenEX, XT, Coinex, Bitmart and Poloniex.

The Financial Intelligence Unit (FIU) also issued a warning, saying that unregistered stock exchange operators may face legal consequences, including up to five years in prison or fines of up to 50 million WON, or about 34,150 dollars.

Also read: South Korea Bank to start a CBDC test next month

Written by Rito Lavania

Ritu Lavania is a multi -use Web3 content creator with more than three years experience in the encryption space. It is part of the team in Cryptonewsz, where you write insightful and attractive content. She also contributed to Thecryptotimes and Coin Edition, where her work was well received by the encryption community. Maher in research, creative writing, senior economic officials, and job cooperation, creating content specifically designed for a varied audience. Population of education, devotes time to teaching children and expressing themselves through poetry. It always yearns for learning, constantly exploring new trends in Blockchain origin and digital assets. It strongly believes in telling stories to make complex encryption themes easier and attractive to readers all over the world.