South Korea will review penalties against Bithumb, with the fine amount possibly exceeding Upbit's 35.2 billion won penalty

The South Korean cryptocurrency exchange Bithumb has been notified in advance by the Financial Intelligence Unit (FIU) that it will face a partial business suspension for 6 months due to violations of anti-money laundering obligations under the Specific Financial Information Act, and a warning of accountability has been issued to the CEO.

South Korean financial authorities plan to hold an anti-money laundering sanctions review committee on March 16 to ultimately determine the severity of the penalties. This penalty is expected to exceed the previous penalty imposed on Upbit operator Dunamu, which was fined 35.2 billion won and faced a 3-month partial business suspension for violations. Due to the greater number of violations by Bithumb, the industry generally expects its fine to reach a historic high. Bithumb responded that it is still in the pre-notification stage and will fully present its improvement situation through subsequent formal procedures.