Seoul Court Temporarily Lifts Bithumb’s Business Suspension
- The Seoul Administrative Court granted a stay on Bithumb’s six-month business suspension, pending a final ruling.
- Judge Gong Hyeon-jin highlighted potential irreparable harm if core functions of the exchange remained restricted.
- The suspension was part of March sanctions by South Korea’s Financial Intelligence Unit, citing over six million violations of anti-money laundering rules.
- Bithumb faced a $24.6 million fine alongside the suspension, with CEO Lee Jae-won facing disciplinary action.
- The court noted that upcoming regulatory changes could impact Bithumb’s ability to attract new clients.
Bithumb received a temporary reprieve from its business suspension after the Seoul Administrative Court ruled in favor of an emergency injunction, highlighting the potential negative impact on its operations and customer acquisition efforts due to ongoing regulatory changes.
This decision allows Bithumb to continue operating while awaiting a final ruling, despite facing significant fines and allegations of regulatory violations earlier this year. Source
