South Korea to Review Bithumb Penalty, Fine May Exceed Upbit's 35.2 Billion KRW Fine

BlockBeats News, March 15th. South Korean cryptocurrency exchange Bithumb has been pre-notified by the Financial Intelligence Unit (FIU) that it will face a 6-month partial business suspension for violating the Specific Financial Information Act's anti-money laundering obligations, with a CEO accountability warning. The South Korean financial authorities plan to convene an Anti-Money Laundering Sanctions Committee on March 16th to make a final decision on the penalty.

The penalty this time is expected to exceed the previous penalty imposed on Upbit operator Dunamu, who was fined 35.2 billion Korean won (about $26.4 million) for violations and a 3-month partial business suspension. Due to Bithumb's higher number of violations, the industry generally expects its fine to reach a historic high. Bithumb responded that it is currently in the pre-notification stage and will fully state its improvements through subsequent formal procedures.