South Korean exchange Coinone sues Korea Financial Intelligence Unit, seeking to halt regulatory penalties

Odaily Planet Daily reported that South Korean crypto exchange Coinone has filed a lawsuit against the Korea Financial Intelligence Unit (FIU) regarding its penalty measures, and has applied to the Seoul Administrative Court for a suspension of execution, attempting to halt the relevant measures before the sanctions take effect on April 29.

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