Seoul Court Blocks Partial Business Suspension of Crypto Exchange Bithumb

A Seoul court has granted crypto exchange Bithumb an emergency injunction, blocking the enforcement of a six-month partial business suspension.

The sanctions were imposed by South Korea's Financial Intelligence Unit in March due to alleged anti-money laundering rule violations. The unit cited over 6 million instances of non-compliance with regulations, including failures to verify customer identities and block restricted transactions.

In addition to the suspension, regulators levied a $24.6 million fine on Bithumb, as well as disciplinary action against CEO Lee Jae-won.