TechFlow News, April 30: According to Yonhap News, on April 30, the Administrative Division No. 2 of the Seoul Administrative Court ruled to accept the application for suspension of enforcement filed by cryptocurrency exchange Bithumb. Consequently, the effect of the partial business suspension order issued against Bithumb by the Financial Intelligence Unit (FIU) will be suspended until the court renders its final judgment in this case.
Previously, citing Bithumb’s violations of obligations under Korea’s Act on Reporting and Using Specified Financial Transaction Information (“Special Financial Information Act”)—totaling 6.65 million instances—the FIU imposed a severe penalty on Bithumb in March this year: a six-month partial business suspension, along with a fine of KRW 36.8 billion. The suspended operations pertain specifically to external virtual asset transfers (i.e., deposits and withdrawals) for new customers. This marks the harshest penalty ever levied against a Korean won-based cryptocurrency exchange operating domestically.
The penalty was originally scheduled to take effect on March 27. Bithumb filed an administrative lawsuit on March 23 and simultaneously applied for suspension of enforcement, thereby temporarily halting the penalty’s effect. The court’s formal acceptance of the application means that the sanctions will remain suspended until the final judgment is delivered in this case.
