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South Korean court halts financial regulator’s partial business suspension penalty against Bithumb
According to Yonhap News, the Seoul Administrative Court’s Administrative Division No. 2 ruled on April 30 to accept Bithumb’s application to suspend enforcement of a partial business suspension order issued against it by South Korea’s Financial Intelligence Unit (FIU). The effect of this partial suspension order will thus be stayed until the court issues its final judgment in this case. Previously, in March this year, the FIU imposed a severe penalty on Bithumb—six months of partial business suspension and a fine of KRW 36.8 billion—citing 6.65 million violations by Bithumb of obligations stipulated under South Korea’s Act on Reporting and Using Specified Financial Transaction Information (“Special Financial Information Act”). The suspended operations specifically involve external virtual asset transfers (i.e., deposits and withdrawals) for new customers. This marks the harshest penalty ever levied against a Korean won-based cryptocurrency exchange operating in South Korea. The penalty was originally scheduled to take effect on March 27. However, Bithumb filed an administrative lawsuit on March 23 and simultaneously applied for a stay of enforcement, thereby temporarily halting the penalty’s effect. The court’s formal acceptance of the application means that the sanctions will remain suspended until the final ruling is rendered in this case.
Naver Plans IPO for Its Financial Subsidiary; Share Swap Transaction with Cryptocurrency Exchange Dunamu Progresses
According to Tech in Asia, Naver plans to pursue an IPO for its subsidiary Naver Financial within five years after completing a share swap transaction with Dunamu—the operator of South Korea’s Upbit cryptocurrency exchange. Per the shareholders’ agreement signed by both parties, an IPO committee must be established within one year following the completion of the transaction; if the IPO is not completed within five years, the deadline may be extended up to seven years. The specific timing and structure of the IPO have yet to be determined and will depend on market conditions and regulatory developments. Notably, South Korea’s proposed Digital Asset Basic Act could impact the transaction structure, and regulators are also discussing a rule that would cap the maximum shareholding ratio for major shareholders of cryptocurrency exchanges at 20%. Meanwhile, Dunamu’s operating profit for 2025 declined 26.7% year-on-year to KRW 869.3 billion (approximately USD 591 million), primarily due to a slowdown in cryptocurrency trading volume.
A South Korean finance employee was sentenced to three years’ imprisonment for embezzling 570 million KRW of company funds to invest in crypto assets.
According to South Korean media outlet Newsis, a man in his twenties, who worked as a company finance staff member in South Korea, was sentenced to three years’ imprisonment by the Busan District Court for embezzling corporate funds to invest in cryptocurrencies. The court determined that between 2021 and 2025, he transferred company funds into his personal account approximately 680 times, embezzling a total of roughly 570 million KRW, which he used for cryptocurrency trading, overseas travel, and daily expenses. He also forged certificates of corporate deposit trust balances to conceal his crimes.
South Korea’s delayed cryptocurrency legislation hampers NAVER’s merger process; DS Securities lowers target price to KRW 300,000
According to The Asia Business Daily, DS Investment & Securities issued a research report lowering NAVER’s target price from its previous level to 300,000 KRW, while maintaining a “Buy” rating. Analyst Choi Seung-ho noted that the downward revision is primarily driven by two factors: first, NAVER’s operating profit margin for this year is projected to decline from 18.3% to 17.6%, due to rising advertising and e-commerce marketing expenses as well as depreciation costs; second, delayed legislative progress on cryptocurrency-related regulations is directly affecting the proposed merger between NAVER Financial and Dunamu, raising the possibility of further postponement beyond the originally scheduled completion in September. Previously, DS Securities had assigned a valuation of 15 trillion KRW to NAVER’s cryptocurrency business within its Sum-of-the-Parts (SOTP) valuation; this portion has now been removed from the updated report. Choi Seung-ho added that the e-commerce business remains NAVER’s core growth engine going forward, with annual e-commerce sales expected to reach approximately 2.7 trillion KRW.
Bithumb to List MEGA/KRW Trading Pair
According to the official announcement, Bithumb will list the MEGA/KRW trading pair.
Upbit to List MEGA/KRW, MEGA/BTC, and MEGA/USDT Trading Pairs
According to the official announcement, Upbit will list MEGA trading pairs against KRW, BTC, and USDT.
Upbit will list MEGA/KRW trading pair
According to an official announcement, Upbit will list the MEGA/KRW trading pair.
Bithumb to List BLEND/KRW Trading Pair
According to the official announcement, Bithumb will list the Fluent (BLEND) / KRW trading pair.
Upbit to List BLEND KRW, BTC, and USDT Trading Pairs
According to official sources, Upbit will list BLEND KRW, BTC, and USDT trading pairs.
Upbit to List BLEND/KRW, BLEND/BTC, and BLEND/USDT Trading Pairs
According to the official announcement, Upbit will list BLEND/KRW, BLEND/BTC, and BLEND/USDT trading pairs.
Related news
South Korean court halts financial regulator’s partial business suspension penalty against Bithumb
According to Yonhap News, the Seoul Administrative Court’s Administrative Division No. 2 ruled on April 30 to accept Bithumb’s application to suspend enforcement of a partial business suspension order issued against it by South Korea’s Financial Intelligence Unit (FIU). The effect of this partial suspension order will thus be stayed until the court issues its final judgment in this case. Previously, in March this year, the FIU imposed a severe penalty on Bithumb—six months of partial business suspension and a fine of KRW 36.8 billion—citing 6.65 million violations by Bithumb of obligations stipulated under South Korea’s Act on Reporting and Using Specified Financial Transaction Information (“Special Financial Information Act”). The suspended operations specifically involve external virtual asset transfers (i.e., deposits and withdrawals) for new customers. This marks the harshest penalty ever levied against a Korean won-based cryptocurrency exchange operating in South Korea. The penalty was originally scheduled to take effect on March 27. However, Bithumb filed an administrative lawsuit on March 23 and simultaneously applied for a stay of enforcement, thereby temporarily halting the penalty’s effect. The court’s formal acceptance of the application means that the sanctions will remain suspended until the final ruling is rendered in this case.
Bithumb to List MEGA/KRW Trading Pair
According to the official announcement, Bithumb will list the MEGA/KRW trading pair.
Upbit to List MEGA/KRW, MEGA/BTC, and MEGA/USDT Trading Pairs
According to the official announcement, Upbit will list MEGA trading pairs against KRW, BTC, and USDT.
Upbit will list MEGA/KRW trading pair
According to an official announcement, Upbit will list the MEGA/KRW trading pair.
Bithumb to List BLEND/KRW Trading Pair
According to the official announcement, Bithumb will list the Fluent (BLEND) / KRW trading pair.
Upbit to List BLEND KRW, BTC, and USDT Trading Pairs
According to official sources, Upbit will list BLEND KRW, BTC, and USDT trading pairs.