{"id":125920,"date":"2025-03-27T10:15:47","date_gmt":"2025-03-27T10:15:47","guid":{"rendered":"http:\/\/cryptospotters.net\/?p=125920"},"modified":"2025-03-27T10:15:47","modified_gmt":"2025-03-27T10:15:47","slug":"south-korea-temporarily-lifts-upbits-3-month-ban-on-serving-new-clients","status":"publish","type":"post","link":"http:\/\/cryptospotters.net\/?p=125920","title":{"rendered":"South Korea temporarily lifts Upbit\u2019s 3-month ban on serving new clients"},"content":{"rendered":"<p>Source: Cointelegraph.com NewsA South Korean court temporarily lifted the partial business suspension on crypto exchange Upbit that had prohibited the trading platform from servicing new clients for three months.\u00a0<br \/>\nOn Feb. 25, South Korea\u2019s Financial Intelligence Unit (FIU) sanctioned the exchange, imposing a three-month ban on deposits and withdrawals for new clients. The FIU previously said the suspension was in response to Upbit\u2019s violations of policies that prohibit exchanges from transacting with unregistered virtual asset service providers (VASPs).\u00a0<br \/>\nIn response to the FIU\u2019s sanction, Upbit\u2019s parent company, Dunamu, filed a lawsuit against the FIU, seeking to overturn the partial suspension order. In addition, Dunamu requested an injunction to temporarily lift the suspension order.\u00a0<br \/>\nOn March 27, local media Newsis reported that the court granted the injunction, moving the suspension order 30 days after a court judgment is reached. This allows Upbit to service new clients while the legal battle continues.\u00a0<br \/>\nUpbit investigations led to a 3-month suspension order<br \/>\nFounded in 2017, Upbit is South Korea\u2019s largest crypto exchange. On Oct. 10, the country\u2019s Financial Services Commission (FSC) initiated an investigation into Upbit for potential breaches of the country\u2019s anti-monopoly laws.\u00a0<br \/>\nIn addition to anti-monopoly breaches, the exchange is suspected of violating Know Your Customer (KYC) rules. On Nov. 15, the FIU identified up at least 500,000 to 600,000 potential KYC violations of the exchange. The regulator spotted alleged breaches while reviewing the exchange\u2019s business license renewal.\u00a0<br \/>\nIn 2018, South Korean regulators ended anonymous crypto trading for its citizens. With the new development, users must pass KYC procedures before being allowed to trade digital assets on crypto trading platforms like Upbit.\u00a0<br \/>\nApart from these allegations, the FIU accused Upbit of facilitating 45,000 transactions with unregistered foreign crypto exchanges. This violates the country\u2019s Act on Reporting and Using Specified Financial Transaction Information.<br \/>\nRelated: South Korea plans to regulate cross-border stablecoin transactions<br \/>\nSouth Korea cracks down on overseas exchanges<br \/>\nOn Oct. 25, 2024, South Korea strengthened its oversight of cross-border crypto asset transactions. The country\u2019s finance minister, Choi Sang-Mok, said the government will introduce a reporting mandate for businesses that handle cross-border transactions with digital assets.<br \/>\nThis aims to promote preemptive monitoring of crypto transactions \u201cused for tax evasion and currency manipulation.\u201d<br \/>\nIn line with the rules, South Korea\u2019s Google Play blocked the applications of 17 crypto exchanges at the request of the FIU. The FIU said it\u2019s also working to restrict exchange access using the internet and Apple\u2019s App Store.\u00a0<br \/>\nMagazine: Ridiculous \u2018Chinese Mint\u2019 crypto scam, Japan dives into stablecoins: Asia Express<a href=\"https:\/\/cointelegraph.com\/news\/upbit-30-day-ban-dunamu-lawsuit-injunction-fiu-fsc?utm_source=rss_feed&amp;utm_medium=rss&amp;utm_campaign=rss_partner_inbound\" target=\"_blank\" class=\"feedzy-rss-link-icon\" rel=\"noopener\">Read More<\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>Source: Cointelegraph.com NewsA South Korean court temporarily lifted the partial business suspension on crypto exchange Upbit that had prohibited the trading platform from servicing new clients for three months.\u00a0 On&hellip; <\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[5],"tags":[],"_links":{"self":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/125920"}],"collection":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=125920"}],"version-history":[{"count":0,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/125920\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=125920"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=125920"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=125920"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}