Bithumb sues for administrative penalty, claims small transfer lacks regulatory basis
The Second Division of the Seoul Administrative Court held its first hearing on October 22 regarding the administrative lawsuit between Bithumb and the Financial Intelligence Analysis Unit (FIU) of South Korea. FIU has determined that Bithumb made 45772 transfers with 18 unreported operators between August 28, 2022 and April 3, 2025, and has imposed penalties. Bithumb argued that transfers of less than 1 million Korean won were not subject to travel rules at the time, the platform lacked legal basis to block transactions, and the six-month penalty was too heavy. (Source: Digital Asset)
