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South Korea's Financial Services Commission Partially Wins Appeal Against Crypto Exchange Over Unreturned User Assets on April 16

GateNews
Enforcement ActionsExchange Risk
According to Seoul High Court's Administrative Division 4-3, on April 16, the Financial Services Commission (FSC) partially won its appeal against cryptocurrency exchange A's injunction request, with 3 of 4 administrative orders upheld. The exchange stopped operations on November 30, 2020, but failed to return user assets held in custody. The FSC issued four remedial orders in November 2025, including directing the company to return user assets and transfer them to a foundation. The first-instance court had granted the exchange's stay request in February, but the appellate court reversed that decision, maintaining the stay on only one order while rejecting the other three, citing potential harm to public interest.
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