Virtual asset exchanges such as Upbit, Bithumb, and Coinone, which were sanctioned with a "partial business suspension" by the Financial Intelligence Unit (FIU), are all pursuing lawsuits contesting the sanctions. Bithumb was also hit with fines of 36.8 billion won, and the prevailing expectation in the industry is that it will also file a lawsuit to challenge that.
According to the financial sector on the 29th, Upbit, Bithumb, and Coinone are proceeding with lawsuits in the Seoul Administrative Court to overturn the FIU's partial business suspension orders. Upbit hired Kim & Chang, Bithumb hired Bae, Kim & Lee (Taepyeongyang), and Coinone hired Lee & Ko (Gwangjang) to pursue the cases.
Upbit won in the first-instance trial on the merits, and Coinone requested a stay of execution of the partial business suspension and won approval from the court. In Bithumb's application for a stay of execution against the FIU's partial business suspension, the court decided to accept additional briefs through today. With both sides submitting additional briefs on the 21st–22nd, a decision is expected by the 30th at the latest.
In the virtual asset industry and legal circles, many expect the court to side with Bithumb on the stay application as well. In addition, there are projections that Bithumb will file a lawsuit to contest the 36.8 billion won in fines imposed by the FIU. When the FIU imposed the fines last month, it also notified a deadline of at least 10 days for submitting opinions. Paying the fines within that period would grant a 20% reduction, but Bithumb has not paid the fines as of now, more than four weeks past the deadline.
An industry official familiar with the matter said, "After receiving a fines disposition notice, an objection can be filed in writing within 60 days. Bithumb is likely to wait nearly the full 60 days and then proceed with a lawsuit to contest it."
When an objection is filed, the fines disposition temporarily loses effect. The FIU must refer the case to the competent court within 14 days of receiving the objection. The court then conducts a review and either upholds the level of the fines or decides it anew.