South Korean court suspends regulator's partial business ban on Coinone

A South Korean court has granted an injunction to halt a three-month partial business suspension imposed on the crypto exchange Coinone by the country's Financial Intelligence Unit (FIU), Yonhap News reported. The Seoul Administrative Court's decision today suspends the penalty until 30 days after a verdict is reached in the main lawsuit. Last month, the FIU imposed the suspension and a 5.2 billion won ($3.8 million) fine on Coinone. The regulator cited 90,000 alleged violations of the Act on Reporting and Using Specified Financial Transaction Information, including failures in customer due diligence and transacting with unregistered virtual asset service providers.