South Korea2026.10.23Digital Asset

[Administrative Lawsuit] Bithumb: 'A Regulatory Gap Exists for Virtual Asset Transactions Under 1 Million Won'

• The Seoul Administrative Court's Second Division held the first hearing on October 22 in Bithumb's lawsuit against the FIU.
• The FIU sanctioned Bithumb with a six-month suspension on new customers' external digital asset transfers, citing 45,772 transactions with 18 unregistered virtual asset service providers from August 28, 2022 to April 3, 2025.
• Bithumb argued there was no concrete regulatory mechanism to prevent transfers under 1 million won to unregistered operators, while it did apply the Travel Rule for transactions of 1 million won or more.