BTC $81,603.00 -0.17%
ETH $2,398.62 -0.07%
BNB $744.35 +1.54%
XRP $1.32 -0.26%
SOL $104.29 +0.58%
TRX $0.3294 -0.33%
DOGE $0.0803 +1.68%
ADA $0.2162 +0.37%
BCH $286.77 +4.42%
LINK $12.13 +1.01%
HYPE $78.30 +0.49%
AAVE $148.41 +0.56%
SUI $0.9946 +1.31%
XLM $0.1773 -0.11%
ZEC $1,225.23 -1.07%
AAPL $346.69 +0.64%
AMZN $250.58 -2.97%
GOOGL $324.72 -1.47%
MSFT $518.22 -2.09%
META $645.45 -5.99%
NVDA $214.16 -1.27%
TSLA $378.12 +3.30%
SNDK $1,296.08 -2.07%
INTC $87.08 -1.30%
SPCX $148.47 -4.48%
MU $874.82 -0.94%
AMD $515.01 -2.78%
BTC $81,603.00 -0.17%
ETH $2,398.62 -0.07%
BNB $744.35 +1.54%
XRP $1.32 -0.26%
SOL $104.29 +0.58%
TRX $0.3294 -0.33%
DOGE $0.0803 +1.68%
ADA $0.2162 +0.37%
BCH $286.77 +4.42%
LINK $12.13 +1.01%
HYPE $78.30 +0.49%
AAVE $148.41 +0.56%
SUI $0.9946 +1.31%
XLM $0.1773 -0.11%
ZEC $1,225.23 -1.07%
AAPL $346.69 +0.64%
AMZN $250.58 -2.97%
GOOGL $324.72 -1.47%
MSFT $518.22 -2.09%
META $645.45 -5.99%
NVDA $214.16 -1.27%
TSLA $378.12 +3.30%
SNDK $1,296.08 -2.07%
INTC $87.08 -1.30%
SPCX $148.47 -4.48%
MU $874.82 -0.94%
AMD $515.01 -2.78%

ga

All
Article
Flash

Bithumb administrative lawsuit held for the first time: claims that transfers of less than 1 million Korean won have regulatory gaps

According to South Korean media Digital Asset, the Second Division of the Seoul Administrative Court held its first hearing on October 22 regarding the administrative lawsuit between Bithumb and the Financial Intelligence Unit of Korea (FIU). The FIU determined that between August 28, 2022, and April 3, 2025, Bithumb conducted 45,772 transactions with 18 unreported cryptocurrency operators, and based on this, imposed sanctions, including a partial suspension that restricts new customers from transferring cryptocurrency assets externally for six months.Bithumb stated in court that transactions of 1 million won or more are subject to the "travel rule," and unreported operators have been excluded from the list of optional exchanges, thus the number of violations for this amount range is zero. Transactions below 1 million won were not subject to the travel rule at that time, and the platform had no legal basis to require customers to provide information about the receiving exchange, nor did the regulatory authorities specify a blocking method. Bithumb also mentioned that after integrating the Chainalysis API, only about 2% of the addresses that could not be confirmed were later identified as unreported operators designated by the FIU. If all were blocked, the remaining 98% of normal transactions would be affected, and the platform could also face user claims.Bithumb also believes that the six-month sanction is excessive, effectively equivalent to prohibiting the platform from acquiring new customers. The company also questioned the FIU's criteria for identifying overseas operators and the reasonableness of the basis for the sanctions.

first_img The U.S. Senate investigates Tether's payment to Bo Hines Company

The chief Democratic member of the U.S. Senate Permanent Subcommittee on Investigations, Richard Blumenthal, sent a letter on Thursday to Tether and its U.S. subsidiary CEO Bo Hines regarding the consulting firm Nxum Group, which Hines co-founded, requesting clarification on the arrangements related to Tether's payments to Nxum. According to The Wall Street Journal, Nxum received substantial payments for providing consulting services to Tether while Bo Hines was still serving as a White House crypto advisor and involved in shaping crypto policies, including those concerning stablecoin issuers.In his letter to Tether CEO Paolo Ardoino, Blumenthal stated that the unusual terms and nature of the business relationship between Tether, Nxum, and Bo Hines raised serious ethical and legal concerns, implying that Tether likely knew that making payments to a current White House official directly involved in shaping critical legislation for its business was illegal and improper. A Tether spokesperson did not immediately respond to a request for comment. CoinDesk previously reported that Nxum, as a major campaign advertising supplier for a political action committee associated with Tether, received millions of dollars in revenue, despite having little prior political experience, and recently hired another White House crypto advisor, Harry Jung.Blumenthal has recently focused on the crypto space, including Trump's meme coin, World Liberty Financial, and activities involving Binance, particularly Tether. He has released reports on Tether's financial connections with Iran and questioned its relationship with U.S. financial partner Cantor Fitzgerald. Ardoino criticized Blumenthal this week for ignoring important information and sharing the report with the media before giving the company a chance to respond. The prediction market Kalshi shows a 69% probability that Democrats will regain control of the Senate, and if Blumenthal leads the subcommittee, he will gain greater subpoena and agenda control.

Sun Yuchen responds to the lawsuit against WLFI: Business is business, and it does not affect the positive outlook on U.S. technology and cryptocurrency policies

Recently, Sun Yuchen discussed his lawsuit against the Trump family's cryptocurrency project WLFI in a conversation with Jin Ming. He clearly stated that he remains firmly supportive of President Trump's cryptocurrency policy and AI strategy, believing it to be very successful.The reason for suing World Liberty Financial is entirely a normal action for commercial investors to protect their rights. The cause stems from the project's lack of investment transparency and insufficient information disclosure, even involving allegations of fraud. The case has been formally submitted to the federal court in California and is to be decided by a federal judge, which fully complies with the operation of the rule of law in the United States.Sun Yuchen further clarified that this lawsuit will not affect his judgment of the macro trends in the United States. He continues to hold a significant position in U.S. technology stocks and is optimistic about TRX being approved for a spot ETF in the U.S., the on-chain business of U.S. stocks, as well as expectations for a stronger dollar and the continued strength of the AI industry.Sun Yuchen believes that public opinion has exaggerated and complicated this lawsuit; in fact, it is simply a "business-to-business" lawsuit. Even if the agreement's subject matter involves 400 to 500 million dollars, it does not significantly impact his overall asset portfolio.Sun Yuchen also stated that he invests with the patience of an old hunter. Once he is thoroughly optimistic and makes a significant decision, he will invest at least 4 to 5 billion dollars or more in a single transaction.
app_icon
ChainCatcher Building the Web3 world with innovations.