South Korean cryptocurrency exchange Coinone sues the Financial Intelligence Service of Korea over regulatory penalties.

CoinFeed reported on April 28 that, according to Naver, South Korean cryptocurrency exchange Coinone has taken legal action against sanctions imposed by the Financial Intelligence Service (FIU). Coinone has filed for both cancellation of the partial business suspension order and a stay of execution application with the Seoul Administrative Court, attempting to suspend the sanctions before they take effect on April 29. The core of the sanctions restricts new users from depositing and withdrawing crypto assets from external exchanges. Existing users are unaffected, and new users can still use trading functions other than deposits and withdrawals. Previously, the FIU imposed a three-month partial business suspension and a 5.2 billion won fine on Coinone for violating the Specific Financial Information Act, citing violations such as transactions with undeclared businesses, customer confirmation irregularities, and transaction restrictions during anti-money laundering on-site inspections.