A court put the brakes on a partial business suspension imposed by financial authorities against the virtual asset exchange Coinone.
The 10th administrative division of the Seoul Administrative Court (presiding Judge Jeong Eun-young, chief judge) on the 29th ordered a suspension of effect until the 30th day from the date of the merits judgment for the three-month partial business suspension that the head of the Financial Intelligence Unit (FIU) imposed on Coinone.
A partial business suspension is a measure that halts external virtual asset transfer (deposits and withdrawals) services for new customers.
The court found that Coinone could suffer irreparable harm from the FIU's partial business suspension.
The bench said, "Participation in the virtual asset trading market by listed companies and institutions registered as professional investors is expected to be allowed soon, and if the effect of this disposition remains in force at that time, it appears it would negatively affect the acquisition of new customers."
Earlier, the FIU imposed a three-month partial business suspension last month, saying Coinone committed 90,000 violations, including obligations to prohibit transactions with unreported virtual asset service providers under the Act on Reporting and Using Specified Financial Transaction Information and customer due diligence obligations. It also levied fines of 5.2 billion won.
On the 30th of last month, the Seoul Administrative Court also suspended the effect until the merits judgment of the six-month partial business suspension that the FIU head imposed on Bithumb.