Bithumb wins court stay, dodges six-month suspension blow
South Koreas Seoul Administrative Court has granted Bithumb a temporary reprieve from a six-month suspension, allowing the exchange to continue operating while the case proceeds.Seoul Administrative Court has paused Bithumbs six-month suspension, allowing operations to continue until a final ruling.Regulators imposed a 36.8 billion won fine after identifying about 6.65 million cases of failed user identity checks.Ongoing scrutiny has intensified after a payout error, and AML violations triggered multiple investigations into Bithumbs controls. According to Yonhap News Agency, the courts 2nd Administrative Division under Judge Gong Hyeon-jin approved the stay on Thursday, pausing enforcement of a sanction imposed by the Financial Intelligence Unit, an anti-money laundering body under the Financial Services Commission. Regulators had issued the suspension notice in March, stating that Bithumb failed to meet AML obligations that required proper identity verification of users. The penalty targeted new customers by restricting external crypto deposits and withdrawals, a move that would have limited onboarding activity if enforced. The Financial Intelligence Unit also imposed a fine of 36.8 billion won, about $25 million, after identifying roughly 6.65 million cases where user identities were not properly verified, according to The Korea Herald. Disciplinary measures were also directed at CEO Lee Jae-won as part of the