South Korea Fines Bithumb $24 Million, Orders 6-Month Partial Suspension over AML Violations

South Korea fines Bithumb $24 million, orders 6-month partial suspension over AML violations

The fine stems from approximately 6.65 million violations related to KYC and transaction restrictions.

South Korea Slaps Bithumb Over 6.65 Million AML Compliance Breaches

Key Insights: South Korea’s FIU fined Bithumb ₩36.8 billion and imposed a six-month partial business suspension over AML law violations. FIU uncovered 6.65 million breaches at Bithumb. These included 3.55 million customer identification failures and 3.04 million limit lapses. Bithumb’s CEO received a reprimand warning, while the exchange’s reporting manager was suspended for six months by regulators. South Korea’s Financial Intelligence Unit fi…

South Korea Slaps Bithumb With $27M Fine and Six-Month Business Suspension

Bithumb fined 36.8B won, facing six-month partial suspension over AML violations. Investigators found 6.65M breaches, exposing major gaps in KYC and transaction checks. South Korea’s regulators push stricter oversight, treating crypto like traditional finance. South Korea intensified oversight of cryptocurrency platforms after regulators punished Bithumb for major compliance failures. Authorities imposed a massive financial penalty and a partial…

South Korean Crypto Exchange Giant Bithumb Fined $24,800,000 Over Alleged Customer Verification Failures

South Korean financial regulators reportedly slapped the crypto exchange Bithumb with a 37 billion won ($24.8 million) fine over alleged customer verification lapses. South Korea’s Financial Intelligence Unit (FIU) accused the exchange of failing to verify the identity of its customers in 6.59 million different instances, as well as facilitating around 45,000 transactions with 18 unregistered exchanges overseas, the Seoul-based news agency Yonha…