Seoul Court Suspends Bithumb Business Suspension Penalty Temporarily

A Seoul Administrative Court has granted a stay in the case against cryptocurrency exchange Bithumb, suspending its six-month partial business suspension penalty.

The court accepted the stay request from the exchange on Thursday, allowing it to continue normal operations during the administrative lawsuit process. The Financial Intelligence Unit (FIU), affiliated with the Financial Services Commission, had imposed a 36.8 billion won ($25 million) fine on Bithumb for violating Anti-Money Laundering (AML) obligations.

The exchange was facing financial consequences, including new customers' external crypto deposits and withdrawals being halted, after the penalty was set to take effect on March 27. However, with the stay in place, Bithumb can avoid these restrictions until a final decision is issued.