South Korean exchange Coinone sues the Financial Intelligence Unit (FIU) in an attempt to halt regulatory penalties

Odaily星球日报讯 South Korean crypto exchange Coinone has filed a lawsuit against the Financial Intelligence Unit (FIU) regarding its penalties and has applied for a stay of execution with the Seoul Administrative Court, attempting to suspend the relevant measures before the sanctions take effect on April 29.

The core of the sanctions is to restrict new users from depositing and withdrawing crypto assets to and from external exchanges. Previously, the FIU imposed a three-month partial business suspension and a fine of 5.2 billion Korean won on Coinone for violating the Specific Financial Information Act. (Naver)