Overview
- The FIU fined Bithumb 36.8 billion won (about $24–25 million) and ordered a six-month partial suspension focused on external crypto transfers for newly registered users, with restrictions reported to run from March 27 to September 26.
- Inspectors documented about 6.65 million breaches, including roughly 3.55 million failures to verify customer identities and 3.04 million failures to block transactions that should have been restricted.
- Authorities said the exchange processed 45,772 transfers involving 18 unregistered overseas virtual asset service providers in breach of South Korea’s AML framework.
- Existing customers can continue trading and use external transfer services, while new users can still buy or sell crypto and deposit or withdraw Korean won.
- Personnel penalties include a reprimand warning for Bithumb’s CEO and a six-month suspension for its reporting officer, as the FSS continues a separate investigation into the Feb. 6 bitcoin mis-crediting incident.