Bithumb Ordered to Pay $2.2 Million Over Altered Promotion Terms

Bithumb, one of South Korea's largest cryptocurrency exchanges, has been ordered to pay approximately $2.2 million in compensation to around 30,000 users who participated in a promotional event last year.

The dispute centers on an API trading promotion launched by Bithumb on November 10, 2023. The original terms offered first-time traders a full fee rebate and an additional 100,000 won support payment. However, after the event began, Bithumb added a clause excluding one-time trades made solely to claim the reward.

The Consumer Dispute Resolution Commission ruled that this change constituted the introduction of a new condition, not a clarification of existing terms. Under South Korean consumer protection law, companies cannot retroactively alter promotional conditions after users have already taken qualifying actions based on the original offer.