[Alpha Biz= Paul Lee] SEOUL, April 9, 2026 — A South Korean court has overturned a three-month partial business suspension imposed on Dunamu, the operator of cryptocurrency exchange Upbit, by financial authorities.

The Seoul Administrative Court’s 5th Division, presided over by Chief Judge Lee Jung-won, ruled in favor of Dunamu in its lawsuit against the Korea Financial Intelligence Unit (FIU), canceling the suspension order issued last year.

The court found that while clear regulations exist to block transactions exceeding 1 million won with unregistered virtual asset service providers, there were insufficient specific rules governing transactions below that threshold.

It also rejected the regulator’s claim that Dunamu failed to take adequate measures, stating that “in the absence of clear guidance from the authorities, it can be acknowledged that the plaintiff implemented its own measures.”

The court added that the fact such measures were later deemed insufficient does not necessarily constitute intent or gross negligence.

The case stemmed from a February 2025 inspection by the FIU, which found that Dunamu had engaged in transactions with unregistered overseas virtual asset service providers and violated customer due diligence obligations under the Act on Reporting and Use of Certain Financial Transaction Information.

Dunamu subsequently filed both a lawsuit to cancel the sanctions and a request to suspend their enforcement. In March 2025, the court granted the suspension request, effectively halting the enforcement of the business suspension pending the final ruling.

 

 

 

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