Bithumb Challenges FIU's Partial Business Suspension with Administrative Lawsuit

Bithumb Also Requests Stay of Execution, Contests Sanctions Set for March 27
Seeks Cancellation of Six-Month Business Suspension and 36.8 Billion Won Fine

Bithumb, a virtual asset exchange, has filed an administrative lawsuit challenging the partial business suspension sanctions imposed by the Financial Intelligence Unit (FIU). The company also requested a stay of execution to suspend the effect of the sanctions in court.

Yonhap News Agency

On March 24, Bithumb announced that it had filed a lawsuit the previous day to overturn the six-month partial business suspension and the fine imposed by the FIU. If the stay of execution is granted, the sanctions scheduled to take effect on March 27 will be suspended until a final court ruling is made.

Previously, on March 16, the FIU imposed a six-month partial business suspension and a fine of 36.8 billion won on Bithumb. The sanctions were based on a total of 6.65 million violations, including breaches of the obligation to prohibit transactions with unregistered virtual asset service providers under the Act on Reporting and Use of Certain Financial Transaction Information, as well as breaches of customer due diligence and transaction restriction obligations.

The partial business suspension is a measure that restricts new customers from transferring virtual assets externally for six months. If the sanctions are enforced as scheduled, the period will be from March 27 to September 26. Transactions by existing customers will remain unaffected.

The FIU also revealed that Bithumb had supported a total of 45,772 virtual asset transfer transactions with 18 unregistered overseas virtual asset service providers. In addition, the FIU explained that a large number of violations related to customer due diligence and transaction restrictions were confirmed.

A Bithumb official stated, "We decided to pursue litigation because there are additional aspects of the sanctions that need further review," adding, "We will clarify the company's position during the trial."

This content was produced with the assistance of AI translation services.