South Korea temporarily lifts Upbit’s 3-month ban on serving new clients

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A 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. On Feb.25, South Korea’s Financial Intelligence Unit (FIU) sanctioned the exchange, imposing a three-month ban on deposits and withdrawals for new clients.

With the new development, users must pass KYC procedures before being allowed to trade digital assets on crypto trading platforms like Upbit. Apart from these allegations, the FIU accused Upbit of facilitating 45,000 transactions with unregistered foreign crypto exchanges.

The FIU previously said the suspension was in response to Upbit’s violations of policies that prohibit exchanges from transacting with unregistered virtual asset service providers (VASPs). In response to the FIU’s sanction, Upbit’s parent company, Dunamu, filed a lawsuit against the FIU, seeking to overturn the partial suspension order.

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Article Details

Author / Journalist: Cointelegraph by Ezra Reguerra

Category: Crypto

Markets: United StatesJapanSouth Korea

Topics: Financial Exchange Transactions Dunamu Country’s Injunction Court Crypto Upbit Suspension South

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2025-03-27 @ 08:34:13 (3 days ago)

News Timezone: GMT -5:00

News Source URL: cointelegraph.com

Language: English

Article Length: 424 words

Reading Time: 3 minutes read

Sentences: 19 lines

Sentence Length: 23 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Coin Telegraph

News ID: 27366174

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About Coin Telegraph

Main Topics: Crypto

Official Website: cointelegraph.com

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