🇰🇷 Delio, the South Korean Bitcoin lending company, is planning to sue against local financial regulators, citing misleading and inaccurate interpretations of the law.

🔍 After an investigation and fine against this Bitcoin lending company, Delio decided to sue Korean regulators. The Financial Intelligence Unit (FIU) has recommended firing CEO Delio Jeong Sang-ho and imposing a 3-month suspension of business and a fine of 1.896 billion Won.

📝 Delio accused FIU of unfairly applying the law when there are no clear regulations on virtual currency products. CEO Jeong Sang-ho criticized the FIU's decision as unreasonable and unfair, and warned of the risk of harming the domestic virtual currency industry.

👨‍⚖️ Legal experts and KOLs in Korea have pointed out the ambiguity in classifying deposit management products related to virtual currencies as financial products. They believe that virtual currency deposits should not be considered financial investment products.