(1) Where a financial company or an electronic financial business entity falls under any of the following subparagraphs, the Financial Services Commission may revoke the permission or registration granted under Article 28: <Amended on Feb. 29, 2008, May 22, 2013, Dec. 16, 2025>
1. Where the entity has obtained permission or registration under Article 28 by fraudulent or other illegal means;
2. Where the entity falls under any of subparagraphs 1 through 5 of Article 32;
3. Where the entity has violated an order to suspend business issued under paragraph (2);
4. Where the entity has failed to run a business for one or more consecutive years without any just ground;
5. Where the entity has virtually closed its business due to the merger, bankruptcy or business closure of the relevant corporation or on other grounds.
6. Where the entity has received, within the preceding 5 years, orders for suspension of business under paragraph (2) on the same grounds not less than the number of times prescribed by Presidential Decree;
7. Where the entity has engaged in the business under Article 28 (1) or the subparagraphs of paragraph (2) of that Article without obtaining permission for change or filing a registration of change under Article 33-3, or has obtained permission for change or filed a registration of change by fraud or other improper means.
(2) When a financial company or an electronic financial business entity falls under any of the following subparagraphs, the Financial Services Commission may order the suspension of all or part of the relevant business for a specified period not exceeding 6 months. <Amended on Feb. 29, 2008, May 22, 2013, Mar. 29, 2016, Sept. 14, 2023, Dec. 16, 2025>
1. Where the entity violates Article 6 (1) or (2), 16 (1) through (4), 19 (1), 21 (1) or (2), 21 (1) or (2), 21-5 (2), 25-2 (1), 25-4 (1), 35, 35-2 (2) or (3), 36, or 38 (3) or (4);
2. Where the entity has failed to investigate an error and effect appropriate corrections, in violation of Article 8 (2) and (3);
3. Where the entity violates any measures, directions, or orders of the Financial Services Commission under Article 23, 39 (6), 40 (2), 42 (3), or 42-2 (1);
4. Where the entity fails to file a report under Article 30 (4) or fails to satisfy the requirements within the period.
(3) A financial company or an electronic financial business entity, whose business is wholly or partially suspended or permission or registration is revoked under paragraphs (1) and (2), may even so continue to perform the payment and settlement business of electronic financial transactions conducted prior to such disposition. <Amended on May 22, 2013>
(4) When the Financial Services Commission revokes permission or registration under paragraph (1), it shall, without delay, publish the details thereof in the Official Gazette and inform the general public thereof through computer communications, etc. <Amended on Feb. 29, 2008>