A Seoul Southern District Court recently found that LUNA, now renamed LUNC, is not a financial investment product. The US SEC called LUNC a security earlier this year.
Terra Classic (LUNC), the native token of the Terra blockchain that imploded last year, has been deemed not to be a security by a South Korean Court. The ruling was made in February but only now reported by a local Korean news outlet. The reports surfaced amid allegations against Terraform Labs co-founder, Do Kwon.
LUNC, Formerly LUNA, Is Not a Security
The Seoul Southern District Court said in its February 16 ruling:
It is difficult to see LUNC as a financial investment product regulated by The Capital Markets Act.
The District Court delivered an initial ruling on November 15, but the Korean press has only now revealed both judgments. The latest ruling, however, is the first time the court explicitly ruled that LUNC is not a security.
This opposes its previous directive, which said, “there is room for dispute in term
We współpracy z: https://cryptodaily.co.uk/2023/04/south-korea-court-rules-lunc-is-not-a-security
