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South Korea’s financial authorities and crypto exchange Bithumb clashed in court over a six-month partial business suspension imposed on the exchange, Hankyung reported.
On Oct. 22, the Seoul Administrative Court’s Second Administrative Division held the first hearing in Bithumb’s suit seeking to overturn a partial business suspension ordered by South Korea’s Financial Intelligence Unit, or FIU. The two sides disputed whether exchanges were required to verify counterpart exchanges for virtual-asset withdrawals under 1 million won and whether Bithumb knowingly left illegal transactions unchecked. Bithumb argued it had no duty to verify the receiving exchange for small withdrawals, making it difficult to fully block illicit transactions. The FIU countered Bithumb knew of its obligation to ban transactions with unregistered overseas exchanges and still failed to take the necessary blocking measures, amounting to intent or gross negligence.