Court repeatedly halts exchange suspensions… Upbit, Bithumb and Coinone
Courts have successively suspended the enforcement of financial authorities’ business suspensions against crypto exchanges. 5 month 29 day, the effect of the partial business suspension imposed on Coinone was suspended, following earlier suspensions of the measures against Upbit and Bithumb.
Courts are successively blocking financial authorities’ business suspension measures against crypto exchanges. 5 month 29 day, a court suspended the effect of the partial business suspension imposed on Coinone. Upbit and Bithumb had previously received suspensions of measures to the same effect.
The court decided to immediately suspend enforcement of the partial business suspension imposed on Coinone. As a result, enforcement of the measure against Coinone is on hold. Coinone is pursuing legal action in the related proceedings.
According to information released on the same day, Korea Investment & Securities and OKX Ventures became Coinone’s joint 3 largest shareholders. The two investors acquired stakes in Coinone, changing its shareholder composition. The change in shareholdings was reported in a disclosure concerning Coinone’s shareholder structure.
Upbit has introduced a new “Comprehensive Diagnostic Chart” indicator in Data Lab to assess the digital asset market. The indicator is described as a tool that visually organizes market trends and trading activity. Data Lab’s indicators are provided to investors as reference material.
Following the court’s decision to suspend the effect of the measures, the exchanges appear set to continue their operations and customer services for the time being. The exchanges are continuing to publish notices and guidance on customers’ deposits, withdrawals, and trading status. The financial authorities have confirmed the existing measures partially suspending operations.
The actions by the court and the financial authorities are currently proceeding in conjunction with legal and operational procedures. The related decisions are directly affecting the exchanges’ day-to-day operations and disclosures. Market participants are checking the exchanges’ disclosures to confirm their status.