PANews 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 suspension order and a stay of execution 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 Financial Institutional Investor (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 issues such as violations during anti-money laundering on-site inspections, including transactions with undeclared businesses, customer confirmation irregularities, and transaction restrictions. With this, all three major South Korean exchanges—Upbit, Bithumb, and Coinone—are now involved in legal disputes with the FIU. Upbit's operating company, Dunamu, has secured a stay of execution through a petition and won the first instance trial in this lawsuit.