PANews May 1 news, according to YNA report, the South Korean court has lifted the six-month partial business suspension penalty on Bithumb. Seoul Administrative Court's Second Administrative Division Judge Gong Hyeon-jin approved Bithumb's application to suspend enforcement on Thursday local time, halting the business restriction measures that took effect last month.

Previously, the South Korean Financial Intelligence Unit (FIU) imposed a fine of 36.8 billion won (approximately 24.6 million USD) on Bithumb in March this year for alleged large-scale violations of anti-money laundering (AML) regulations, and implemented a six-month partial business suspension. The regulatory agency pointed out that Bithumb was involved in approximately 6.65 million violations, with 3.55 million related to insufficient compliance with customer identification (KYC) obligations, and 3.04 million involving failure to properly block transactions that should be restricted.

It is currently unclear whether the court ruling also covers the suspension of execution of the fine. This ruling constitutes a boon for Bithumb, but South Korean regulatory agencies have also been continuously strengthening compliance reviews of cryptocurrency exchanges, including launching new investigations into platforms such as Upbit.

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