South Korea court cancels Upbit suspension, citing regulatory gaps: Report

The decision closes a legal battle spanning more than a year, after Dunamu moved to overturn the sanction and halt its enforcement.

A South Korean court has canceled the Financial Intelligence Unit’s (FIU) three-month partial business suspension of Dunamu, the operator of crypto exchange Upbit, according to local reports.

Yonhap News Agency reported on Tuesday that the Seoul Administrative Court sided with Dunamu in its lawsuit against the FIU, overturning the sanction tied to alleged Anti-Money Laundering (AML) violations. 

The court said clear rules existed for transactions above 1 million won (about $675), but found that regulations for smaller transfers were not specific enough, weakening the basis for enforcement within the case. 

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