The South Korean exchange Coinone sues the Financial Intelligence Unit of South Korea, seeking to halt regulatory penalties

The South Korean cryptocurrency exchange Coinone has filed a lawsuit against the penalties imposed by the Financial Intelligence Unit (FIU) of South Korea and has applied to the Seoul Administrative Court for a stay of execution, attempting to suspend the relevant measures before the sanctions take effect.

The core content of this sanction is to restrict new users from depositing and withdrawing cryptocurrency assets to 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.