Upbit owner clashes with South Korean regulators in legal battle

Dunamu, the genitor institution of South Korea’s largest crypto exchange, Upbit, has reportedly taken ineligible enactment against the country’s Financial Intelligence Unit (FIU) implicit a concern suspension order.

This comes arsenic South Korean authorities are tightening their grip connected crypto-related crimes by launching a dedicated portion to grip integer plus investigations.

Upbit challenges FIU

On Feb. 28, Dunamu reportedly filed a suit with the Seoul Administrative Court seeking to overturn the FIU’s sanctions.

Last November, South Korean regulators accused Upbit of failing to behaviour due lawsuit owed diligence successful hundreds of thousands of cases.

Due to this, the FIU barred the exchange’s caller customers from transferring virtual assets connected Upbit betwixt March 7 and June 6

However, Dunamu has challenged this position, arguing that the punishment volition importantly interaction its operations.

Dunamu insisted that it has taken indispensable compliance measures successful effect to regulatory concerns and believes the sanctions are disproportionate. The steadfast besides claimed that the FIU sanctions were made without afloat considering cardinal facts and circumstances.

Dedicated crypto unit

In a parallel development, South Korea’s Seoul Southern District Prosecutors’ Office has launched a specialized Joint Investigation Unit (JIU) to combat cryptocurrency-related crimes, arsenic section media reported connected Feb. 27.

According to the report, the recently established portion comprises 35 fiscal regulators and prosecutors from the Financial Services Commission and the Financial Supervisory Service. Their superior absorption is investigating and prosecuting crypto-related fraud, theft, and illicit marketplace activities.

The authorities introduced this inaugural pursuing the occurrence of a impermanent task unit acceptable up successful 2023 to combat rising cryptocurrency-related offenses. The expanding complexity of these crimes prompted the instauration of a imperishable portion to guarantee much effectual enforcement.

Since the motorboat of the archetypal task force, prosecutors person charged 74 individuals and arrested 25 successful cases involving fraudulent schemes and marketplace manipulation.

The station Upbit proprietor clashes with South Korean regulators successful ineligible battle appeared archetypal connected CryptoSlate.