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Photo courtesy of Yonhap News |
[Alpha Biz= Kim Jisun] South Korean cryptocurrency exchange Bithumb has filed a lawsuit challenging a partial business suspension imposed by financial authorities.
The company said on March 24 that it has filed an administrative suit seeking to overturn a six-month partial suspension ordered by the Financial Intelligence Unit (FIU). Bithumb has also applied for an injunction to suspend enforcement of the measure.
If the court grants the injunction, the suspension—scheduled to take effect on March 27—will be halted until a final ruling is issued.
Bithumb is also reviewing whether to separately contest the 36.8 billion won administrative fine imposed alongside the sanction.
Earlier, the FIU stated that Bithumb had violated obligations under the Act on Reporting and Use of Certain Financial Transaction Information, including prohibitions on transactions with unregistered virtual asset service providers, customer due diligence requirements, and transaction restrictions. The regulator cited approximately 6.65 million violations and imposed both the suspension and the fine on March 16.
The partial suspension restricts services related to external transfers of virtual assets for new customers. The six-month sanction marks the most severe penalty imposed to date on a Korea-based cryptocurrency exchange operating a won-denominated market.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
