South Korea fines Bithumb $24M, orders 6-month partial business suspension

Regulators found 6.65 million AML violations at Bithumb, including 45,772 crypto transfers involving 18 unregistered overseas VASPs.

South Korea has fined crypto exchange Bithumb 36.8 billion won (about $24.5 million) and imposed a six-month partial business suspension after finding widespread violations of Anti-Money Laundering (AML) rules, according to a Yonhap News Agency report. 

According to Yonhap, regulators identified about 6.65 million violations during an AML inspection, including failures related to customer identity verification, transaction restrictions and record-keeping requirements. Authorities found Bithumb facilitated 45,772 crypto transfers involving 18 unregistered overseas virtual asset service providers (VASPs), in violation of South Korea’s AML rules. 

The Financial Intelligence Unit (FIU) under the Financial Services Commission (FSC) reportedly decided on the penalties following a sanctions deliberation committee meeting reviewing the exchange’s compliance with the Act on Reporting and Use of Specific Financial Transaction Information. 

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