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>>South Korea imposes a $25 million fine on Bithumb and mandates a six‑month partial shutdown for AML breaches.

South Korea imposes a $25 million fine on Bithumb and mandates a six‑month partial shutdown for AML breaches.

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1 day ago

Regulatory Action Against Bithumb

South Korean authorities have levied a fine of about $25 million on the cryptocurrency exchange Bithumb and ordered a six‑month partial suspension of its operations. The penalties stem from extensive breaches of anti‑money‑laundering rules and failures in identity verification. The sanctions target millions of violations identified by regulators.

FIU Sanctions Details

The Financial Intelligence Unit (FIU) of South Korea, which reports to the Financial Services Commission, confirmed the enforcement action. The FIU highlighted Bithumb’s inadequate identity‑verification procedures as a primary concern. These measures finalize the country's response to the exchange’s compliance shortcomings.

South Korea imposes a $25 million fine on Bithumb and mandates a six‑month partial shutdown for AML breaches.

Regulatory Action Against Bithumb

FIU Sanctions Details

South Korea imposes a $25 million fine on Bithumb and mandates a six‑month partial shutdown for AML breaches.