Odaily Planet Daily reports: South Korea’s regulator has imposed a fine of 36.8 billion Korean won (approximately $24.6 million) on exchange Bithumb for violations of anti-money laundering compliance and ordered a six-month partial suspension of its operations. According to 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 failure to fulfill customer due diligence (KYC) obligations and approximately 3.04 million related to failure to effectively block restricted transactions. (CoinDesk)
South Korean regulators fine Bithumb 368 billion won and order partial suspension
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Summary
South Korean regulators have fined Bithumb 368 billion won ($24.6 million) and ordered a six-month partial suspension of its business. The Financial Services Commission cited 6.65 million compliance violations, including 3.55 million failed KYC checks and 3.04 million instances of unblocked restricted transactions. The penalty, imposed under the Special Financial Transaction Information Reporting and Use Act, underscores ongoing challenges in crypto compliance. This cryptocurrency news update reflects the latest enforcement action in the region.
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