Following Upbit and Bithumb, Coinone Also Sues… Exchanges vs. Financial Authorities, Who Will Win?

*Provided by Coinone

All three major domestic virtual asset exchanges are now directly challenging financial authorities' sanctions, forming a "regulatory all-out war" scenario.

According to industry sources on the 28th, Coinone recently filed an administrative lawsuit with the Seoul Administrative Court, seeking to cancel the partial business suspension imposed by the Financial Intelligence Unit (FIU) under the Financial Services Commission. Simultaneously, it filed for an injunction to halt the effect of the sanction, thus commencing legal action.

This measure is the third, following Upbit and Bithumb. As major exchanges have successively rebelled against the sanctions, the situation is escalating beyond simple individual disputes to a conflict over the direction of virtual asset regulation in Korea itself.

The partial business suspension imposed by the FIU is a measure that restricts external virtual asset deposits and withdrawals for new customers for a certain period. However, core services such as trading for existing customers and KRW deposits/withdrawals are maintained, making it strongly characterized as a 'partial sanction'.

Coinone received a 3-month partial business suspension and a fine on the 13th for reasons including violation of anti-money laundering obligations. The exchange stated that legal verification of the sanction level and the grounds for the decision is necessary.

A Coinone official stated, "This matter was carefully decided after extensive review," and added, "We will faithfully explain the company's position during the future litigation process." The industry is paying attention to the possibility that this series of lawsuits will become a key turning point in setting future virtual asset regulatory standards.

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