First hearing in Bithumb-FIU suit over partial suspension moved to Oct. 22

The first hearing in Bithumb’s administrative lawsuit against South Korea’s Financial Intelligence Unit over a partial business suspension order has been postponed to Oct. 22, according to a Business Watch report. The Seoul Administrative Court’s second administrative division changed the hearing date for Bithumb’s suit seeking to cancel the partial suspension order after the exchange filed the case against the FIU on March 23. The court had previously set the hearing for the afternoon of Aug. 13. Earlier, the FIU imposed heavy sanctions on Bithumb, including a six-month partial business suspension, saying the exchange violated South Korea’s Act on Reporting and Using Specified Financial Transaction Information in 6.65 million cases, including obligations to ban transactions with unreported virtual asset service providers, conduct know-your-customer checks, restrict transactions and preserve records.