Bithumb
A South Korean court has temporarily overturned a six-month partial business suspension imposed on cryptocurrency exchange Bithumb, providing the platform with a major legal victory as it battles allegations of anti-money laundering violations.
The Seoul Administrative Court approved Bithumb’s request for a stay of execution on the same day the exchange filed its appeal. The ruling pauses enforcement of sanctions imposed earlier this year by the Financial Intelligence Unit, though it remains unclear whether a separate 36.8 billion won fine has also been suspended.
Regulators accused Bithumb of committing roughly 6.65 million compliance violations under South Korea’s financial transaction reporting laws. Authorities alleged that millions of cases involved failures to properly verify customer identities or block suspicious transactions that should have been restricted under anti-money laundering regulations.
The case reflects South Korea’s broader crackdown on compliance failures within the cryptocurrency industry. Other exchanges, including Upbit and Korbit, have also faced fines and operational restrictions tied to regulatory shortcomings.
The court decision arrives as South Korean authorities intensify oversight of digital asset platforms. Bithumb and several rival exchanges are reportedly under investigation over concerns related to sharing trading data with overseas platforms.
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