Bithumb scores a legal win in South Korea as six-month suspension is lifted by local judge

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Bithumb scores a legal win in South Korea as six-month suspension is lifted by local judge South Korea's financial watchdog imposed a $24.6 million fine on Bithumb and partial suspension that came into effect last month. What to know: - A South Korean court has overturned a six-month partial business suspension imposed on Bithumb, one of the country’s largest cryptocurrency exchanges, while leaving unclear whether a $24.6 million fine is also on hold. - Regulators had accused Bithumb of about 6.65 million violations of anti-money laundering rules, including failures to verify customer identities and to block transactions that should have been stopped. - The ruling comes amid broader regulatory scrutiny of South Korea’s crypto sector, including a new data-sharing probe into Bithumb, Upbit and other platforms, and follows Bithumb’s recent mistaken distribution of billions of dollars’ worth of bitcoin to users. A South Korean court overturned Bithumb’s six-month partial business suspension Thursday, according to Yonhap News. The news agency cited legal sources, saying that the 2nd Administrative Division of the Seoul Administrative Court’s Judge Gong Hyeon-jin had accepted Bithumb's application for a stay of execution on the same day it was presented. There was no clarification on whether a 36.8 billion won ($24.6 million) fine was also suspended. South Korea's financial watchdog imposed the fine and suspension in March, alleging massive violations of local anti-money laundering rules. Bithumb, one of South Korea’s largest crypto exchanges, filed a request with the court requesting it end the suspension and fine imposed by the Financial Intelligence Unit (FIU) in March along after the regulator said it discovered the exchange had committed millions of violations of the country's anti-money laundering rules. The sanctions stemmed from violations of the Act on Reporting and Using Specified Financial Transaction Information, the Financial Services Commission said in March. The FIU said Bithumb committed about 6.65 million violations, of which 3.55 million involved failures to carry out required customer identity verification, while 3.04 million were related to cases where the exchange failed to properly block transactions that should have been blocked. While the court ruling ending the suspension is good news for the exchange, it follows reports that South Korea’s Personal Information Protection Commission has initiated a probe into Upbit, Bithumb and other platforms regarding the sharing of order books with overseas platforms. The case against Bithumb is part of South Korean regulators’ increased oversight of the cryptocurrency market. In 2025, the FIU handed Dunamu, the operator of the country's largest exchange, Upbit, a three-month partial suspension and a 35.2 billion won fine for compliance gaps. Korbit, a rival platform, faced a smaller penalty of 2.73 billion won along with institutional warnings. Bithumb was established in 2014 and currently ranks among the largest exchanges in South Korea by trading volume, according to CoinGecko data. The end of the suspension comes two months after Bithumb mistakenly distributed billions of dollars worth of bitcoin to users. More For You The Senate agreed unanimously to revise its rules to ban members and their staffs from wagers on prediction markets platforms. What to know: - The U.S. Senate voted unanimously to approve a resolution that would prohibit senators and their staffs from betting in the prediction markets. - Its author, Republican Bernie Moreno, said the lawmakers "have no business" engaging in such activities.

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