According to CoinDesk, South Korea’s Financial Intelligence Unit (FIU) imposed a fine of 36.8 billion Korean won (approximately $246 million) on the cryptocurrency exchange Bithumb for violations of anti-money laundering regulations and ordered a six-month partial suspension of its operations. Disclosed by the Financial Services Commission, the penalty was issued under the Act on Reporting and Utilization of Specific Financial Transaction Information, based on approximately 6.65 million violations by Bithumb—about 3.55 million related to failures in fulfilling customer due diligence (KYC) obligations and approximately 3.04 million involving failures to effectively block restricted transactions. Regulators also took disciplinary action against responsible individuals: Bithumb’s CEO received a warning, and the head of compliance reporting was suspended for six months. These violations were identified during on-site inspections conducted by Korean regulators between 2024 and 2025 across five major exchanges: Upbit, Bithumb, Coinone, Korbit, and Gopax.
South Korea's FIU fines Bithumb $24.6 million and orders a six-month partial business suspension.
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Summary
South Korea’s FIU has imposed a $24.6 million fine on Bithumb and ordered a six-month partial business suspension for failures to comply with CFT obligations. The penalty of 36.8 billion KRW, issued under the Special Financial Transaction Information Reporting and Use Act, stems from 6.65 million violations, including 3.55 million failed KYC checks and 3.04 million instances of unblocked restricted transactions. The decision followed inspections of the country’s top five crypto exchanges between 2024 and 2025. This strict enforcement may affect liquidity and crypto markets in the near term.
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