Delio files an administrative lawsuit against the Korean regulatory authority for a fine of 1.896 billion won

ChainCatcher news, according to South Korean media News1, the Financial Intelligence Unit (FIU) of South Korea recently faced its first administrative lawsuit. The lawsuit was filed by the virtual asset business operator Delio, opposing the 1.896 billion won fine imposed by the FIU for violating obligations related to the Specific Financial Information Act. The FIU previously stated that Delio was penalized with a 3-month business suspension and a fine of 1.896 billion won for failing to conduct anti-money laundering (AML) risk assessments before offering new financial products.

Delio argues that the 41 types of virtual asset deposit and loan products it offers are not "financial products" in the traditional sense, and therefore should not be subject to the legal provisions. In addition, Delio also contested the additional fine of 180 million won imposed for failing to prevent transactions with unreported virtual asset business operators.