South Korean court overturns Bithumb suspension order, involving 6.65 million violations

Techub News reports, according to CoinDesk, that the Seoul Administrative Court in South Korea on Thursday overturned the Financial Intelligence Unit's six-month business suspension order against Bithumb. The exchange had previously been accused of approximately 6.65 million anti-money laundering violations and faced a 36.8 billion won (approximately $24.6 million) fine. The court did not clarify whether the fine was also suspended simultaneously. Bithumb is one of the largest cryptocurrency exchanges in South Korea. The FIU stated that it had committed significant violations in customer identity verification (3.55 million cases) and suspicious transaction blocking (3.04 million cases). The exchange is currently still facing a data-sharing investigation and the impact of a previous technical incident in which billions of dollars in Bitcoin were mistakenly sent.