South Korean Court Overturns Bithumb Suspension Amid Ongoing Regulatory Scrutiny

Bithumb, one of South Korea's largest cryptocurrency exchanges, has received a major relief from a court ruling that overturned a six-month partial business suspension imposed by the Financial Intelligence Unit (FIU).

The Seoul Administrative Court's decision will allow Bithumb to continue its normal operations while the broader legal dispute plays out. The FIU had imposed the suspension and a $24.6 million fine on Bithumb in March, citing approximately 6.65 million violations of the Specific Financial Information Act.

Investigations found that Bithumb failed to properly verify customer identities and did not block transactions with unregistered overseas crypto operators. However, the court ruled in favor of Bithumb, accepting its request for an injunction and effectively pausing the suspension.