South Korea
Digital Asset
Hanbitco Loses Administrative Lawsuit Against FIU Seeking to Overturn Rejection of Virtual Asset Business Operator Change Report
- Hanbitco signed a real-name verification deposit/withdrawal account agreement with Gwangju Bank in June 2023 and submitted a Korean-won market business operator change report to the FIU.
- The FIU rejected the change report and separately imposed sanctions, including a fine of approximately 1.9942 billion won, citing insufficient KYC (know-your-customer) procedures identified during an on-site inspection.
- On November 5, the Seoul Administrative Court's Second Division (Presiding Judge Gong Hyun-jin) dismissed Hanbitco's claim to cancel the rejection without ruling on the merits, finding it did not meet the legal requirements for review.