Coinone Files Administrative Lawsuit Against FIU Sanctions, Following Upbit and Bithumb

Coinone, a virtual asset exchange, has filed a lawsuit challenging the partial business suspension sanction imposed by financial authorities, following in the footsteps of Upbit and Bithumb.

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According to the virtual asset industry on April 28, Coinone recently filed an administrative lawsuit with the Seoul Administrative Court to revoke the partial business suspension order.

Coinone also applied for a stay of execution regarding the sanction. With the stay of execution granted, the effectiveness of the partial business suspension order has been temporarily halted.

The partial business suspension is a measure that temporarily restricts external virtual asset deposits and withdrawals for new customers only. Trading and exchanging virtual assets, as well as KRW deposits and withdrawals, remain available without limitations.

On April 13, Coinone was sanctioned by the Financial Intelligence Unit (FIU) under the Financial Services Commission with a three-month partial business suspension and a fine, citing violations of anti-money laundering obligations, among other reasons.

A Coinone representative commented, "This matter was carefully decided after thorough consideration," adding, "We plan to faithfully clarify the company's position throughout the subsequent proceedings."

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