Bithumb sues regulator over partial business suspension

South Korean crypto exchange Bithumb has filed an administrative lawsuit to challenge sanctions imposed by the country's Financial Intelligence Unit (FIU), News1 reported. According to industry sources on March 24, Bithumb hired the law firm Bae, Kim & Lee and filed a suit with the Seoul Administrative Court yesterday to overturn a partial business suspension. The exchange also requested a stay of execution. If the court grants the stay, the suspension, which is scheduled to begin on March 27, will be paused until a final verdict is reached in the main case. The FIU previously imposed a six-month partial business suspension and a 36.8 billion won (approx. $27.5 million) fine on Bithumb for violations of the Act on Reporting and Using Specified Financial Transaction Information.