Bithumb Secures Limited Operations Amid Ongoing Court Battle

A Seoul Administrative Court has granted Bithumb an injunction on the partially suspended operations of the exchange, pending a court battle against regulatory sanctions imposed by the Financial Intelligence Unit (FIU). The order will allow Bithumb to operate on a limited basis among new customers while its legal fight with authorities continues.

The FIU had ordered Bithumb to suspend operations for 6.65 million violations of the Financial Information Act, which involved deals made with non-registered virtual asset service providers. The regulator also suggested imposing a penalty of approximately $25 million.

This development comes amid increasing conflict between the cryptocurrency sector in South Korea and its regulators. Other exchanges have been putting pressure on FIU initiatives, with Upbit's parent company, Dunamu, winning in court to reverse a three-month suspension due to unclear regulatory guidance.