The Seoul Administrative Court held its first hearing on October 22 regarding Bithumb, the second largest cryptocurrency exchange in South Korea, suing the Financial Intelligence Analysis Unit (FIU). FIU stated that Bithumb had 45772 transfer transactions with 18 undeclared virtual asset service providers from August 2022 to April 2025, restricting its new customers from transferring encrypted assets to external parties for 6 months. Bithumb claims that transactions exceeding 1 million Korean won have been blocked from being transferred to unreported service providers through travel rules, with zero actual violations; Transactions below this amount were not subject to travel rules at the time and lacked legal basis for obtaining and receiving exchange information. FIU also did not specify specific blocking measures and claimed that the punishment was too heavy. The court requested a specific explanation on the reasons for the insufficient control measures and whether there was intentional or gross negligence. The next hearing will be held on January 28, 2027. （Digital Asset） https://www. (wublock123.com)/news/bithumb-says-regulatory-gap-for-crypto-transfers-under-1m-won-70586