Bithumb Wins Victory in Seoul Court
Bithumbs Victory in the Seoul Administrative Court In South Korea, the Seoul Administrative Court annulled the six-month partial business suspension of the Bithumb exchange, granting the exchange a significant legal victory. Judge Gong Hyeon-jin accepted the stay of execution request submitted on the same day. According to a report by Yonhap news agency citing legal sources, the decision was made quickly upon the exchange‘s request. Bithumb, one of the country’s largest crypto platforms, breathed a sigh of relief with this development. As we have seen on our BTC detailed analysis pages in particular, Bithumbs high-volume BTC transactions will continue with this victory. FIUs AML Violations and 36,8 Billion Won Fine The Financial Intelligence Unit (FIU) had imposed this ban and a 36,8 billion won (approximately 24,6 million dollars) fine in March due to major violations of anti-money laundering (AML) rules. The FIU detected that the exchange committed approximately 6,65 million violations. Their distribution is as follows:3,55 million from failing to perform mandatory customer identity verification (KYC),3,04 million from failing to block transactions that should have been blocked. The violations covered the Act on the Reporting and Use of Specified Financial Transaction Information. Bithumb, established in 2014 and one of the leading platforms by trading