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

A South Korean courtroom briefly lifted the partial enterprise suspension on crypto trade Upbit that had prohibited the buying and selling platform from servicing new shoppers for 3 months. 

On Feb. 25, South Korea’s Monetary Intelligence Unit (FIU) sanctioned the trade, imposing a three-month ban on deposits and withdrawals for brand spanking new shoppers. The FIU beforehand stated the suspension was in response to Upbit’s violations of insurance policies that prohibit exchanges from transacting with unregistered digital asset service suppliers (VASPs). 

In response to the FIU’s sanction, Upbit’s father or mother firm, Dunamu, filed a lawsuit in opposition to the FIU, searching for to overturn the partial suspension order. As well as, Dunamu requested an injunction to briefly carry the suspension order. 

On March 27, native media Newsis reported that the courtroom granted the injunction, shifting the suspension order 30 days after a courtroom judgment is reached. This enables Upbit to service new shoppers whereas the authorized battle continues.