Bithumb ordered to compensate customers over unpaid API event bonuses, totaling 3 billion won

A consumer dispute panel has ruled that Bithumb must fully compensate customers who did not receive event bonuses from the virtual asset exchange, ordering the company to waive 100,000 won ($65) in trading fees per customer. Total compensation is expected to reach 3 billion won.

The Consumer Dispute Mediation Committee of the Korea Consumer Agency announced Monday that it had reached the decision in a collective dispute case filed by 77 consumers against Bithumb, who demanded payment of bonuses tied to an API (application programming interface) trading event.

Bithumb ran a promotion last November offering first-time API traders a full rebate on trading fees along with a 100,000-won bonus. An API is a technical interface that allows users to automatically submit and manage orders through their own programs.

Bithumb later classified single-transaction API trades as "abusing" behavior that disrupted normal service operations and excluded those customers from receiving the event bonus. Customers who made only one API trade were denied the 100,000-won bonus.

The committee ruled that the exclusion constituted a new condition rather than a clarification of the original notice. It found that applicants who completed their first API trade before the policy change had a legitimate expectation of receiving the 100,000-won bonus and were therefore entitled to compensation.

If Bithumb accepts the ruling, event participants who did not take part in the mediation process will also be eligible for the same compensation. Given that approximately 30,000 customers in total participated in the event, the overall compensation is estimated to reach 3 billion won.

The committee said it was able to detect consumer harm related to Bithumb at an early stage through its "consumer damage issue detection system," introduced in January, and pursue a collective remedy.

Committee Chairman Han Yong-ho said the ruling "will have a positive impact on raising the accountability and transparency of operators' event management, and further strengthening consumer trust in the virtual asset market."