According to the legal community on Wednesday, the Seoul Administrative Court’s Administrative Division 2, presided over by Chief Judge Gong Hyeon-jin, granted Bithumb’s request to suspend the Financial Intelligence Unit’s (FIU) sanction of a “six-month partial business suspension.” The measure will remain suspended until the court rules on the main case.
The FIU had said Bithumb violated obligations under the Act on Reporting and Using Specified Financial Transaction Information — including bans on dealing with unreported virtual asset businesses, customer identification (KYC) requirements and transaction restriction duties — a total of 6.65 million times. Last month, the FIU imposed a six-month partial suspension and a 36.8 billion won fine.
The partial suspension restricts new customers from transferring virtual assets to and from external wallets. It is the toughest sanction imposed on a domestic exchange operating a won-based market. The sanction had been set to take effect March 27, but Bithumb sought an injunction, leaving the measure temporarily on hold through Wednesday.
With the court’s decision, Bithumb can continue operating under its current business model until the lawsuit is resolved. A Bithumb official said the company “plans to faithfully explain its position in the remaining procedures.”
* This article has been translated by AI.
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