Court orders suspension of sanctions imposed by South Korean regulators on Bithumb, halting 'partial business suspension'

According to Yonhap News, the Seoul Administrative Court accepted Bithumb's application for a stay of execution filed against the Korea Financial Intelligence Unit (FIU) on April 30, ruling that the six-month "partial business suspension" sanction imposed on Bithumb will be suspended until a final judgment is reached in the case. Previously, the FIU accused Bithumb of violating the Act on Reporting and Using Specified Financial Transaction Information, involving approximately 6.65 million violations, including failure to fulfill customer identification obligations and transactions with unregistered crypto asset operators, and imposed a fine of 36.8 billion won. The sanction was originally set to restrict new users from transferring crypto assets to external addresses. Due to the court's latest ruling, Bithumb will be able to continue its existing business operations during the litigation period. (Yonhap News)