Supertrust Loses Three Injunction Cases Due to Reporting Obligations as a Virtual Asset Business

The financial authorities have confirmed that Supertrust, designated as an unreported virtual asset business, has lost all three injunction cases filed against Shinhan Bank, Suhyup Bank, and Streami. The court ruled that Supertrust qualifies as a virtual asset business subject to reporting obligations under the Specific Financial Information Act, as it repeatedly engaged in transactions with unspecified individuals involving SUT to pursue economic benefits. The case against Shinhan Bank was dismissed in the first instance on April 30 of last year, and the Seoul High Court also dismissed the appeal. The court based its decision on the fact that there were approximately 90,000 SUT transactions between Supertrust and users, amounting to around 200 billion KRW. A similar judgment was made in the case against Suhyup Bank, where it was pointed out that Supertrust's repetitive transactions posed a risk of money laundering. In the case against Streami, the court also found that Supertrust could be classified as a virtual asset business, recognizing the reasons for terminating transaction support. Supertrust subsequently filed a further appeal but withdrew it, leading to the finalization of the decision.

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