CP Labs (formerly Coinplug), which filed an administrative lawsuit challenging an administrative disposition by authorities for failing to return customer assets after the termination of its virtual asset (digital asset) exchange service, has lost the case. On the 1st, the Administrative Division 2 of the Seoul Administrative Court (Chief Judge Gong Hyun-jin) dismissed CP Labs' request to revoke the disposition of the order to take action against the Financial Services Commission. CP Labs had been operating an exchange and, after terminating its operations on November 30, 2020, had been storing and managing user balances. However, as the assets were not properly returned, the FSC issued four orders to CP Labs last November: ▲Guidance and notification for the return of user assets; ▲Return of user assets and transfer to a foundation; ▲Submission of implementation details for the order to take action; and ▲Cooperation with the Financial Supervisory Service's inspection. CP Labs challenged this and filed an administrative lawsuit last December, but it was dismissed this time.
