South Korea's financial watchdog imposed a $24.6 million fine on Bithumb and partial suspension that came into effect last month.
What to know : A South Korean court has overturned a six-month partial business suspension imposed on Bithumb, one of the country’s largest cryptocurrency exchanges, while leaving unclear whether a $24.6 million fine is also on hold. Regulators had accused Bithumb of about 6.65 million violations of anti-money laundering rules, including failures to verify customer identities and to block transactions that should have been stopped. The ruling comes amid broader regulatory scrutiny of South Korea’s crypto sector, including a new data-sharing probe into Bithumb, Upbit and other platforms, and follows Bithumb’s recent mistaken distribution of billions of dollars’ worth of bitcoin to users.
