Coinone Sues South Korea's Financial Intelligence Unit to Halt Regulatory Penalties

On April 28, South Korean cryptocurrency exchange Coinone filed a lawsuit against the Financial Intelligence Unit (FIU) of South Korea, seeking to suspend the enforcement of regulatory penalties at the Seoul Administrative Court. The core of the sanctions involves restricting new users from depositing and withdrawing cryptocurrency assets to and from external exchanges. Previously, the FIU imposed a three-month partial business suspension and a fine of 5.2 billion won on Coinone for violating specific financial information laws.

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