The South Korean court has suspended the financial authorities' six-month partial business suspension penalty against Bithumb

The Seoul Administrative Court in South Korea accepted Bithumb's application to suspend the enforcement of the Financial Intelligence Unit (FIU)'s decision to partially suspend its operations for 6 months, which has been put on hold before a formal ruling.

Previously, the FIU accused Bithumb of violating 6.65 million obligations related to the prohibition of transactions with unreported virtual asset operators, customer verification obligations, and transaction restriction obligations under the Specific Financial Information Act, resulting in a 6-month partial business suspension and a fine of 36.8 billion won in March this year. The partial business suspension prohibits new customers from making external virtual asset deposits and withdrawals, and a 6-month suspension is the harshest sanction faced by domestic won market trading platforms in South Korea. The suspension was originally set to take effect on March 27, but Bithumb filed an administrative lawsuit on March 23 before it took effect and requested a suspension of enforcement. After the court's approval, the effect of the sanction has been suspended until now.