South Korean Regulator Imposes 36.8 Billion Won Fine on Bithumb and Orders Partial Suspension of Operations

Odaily News: South Korean regulators have imposed a fine of 36.8 billion won (approximately $24.6 million) on exchange Bithumb for anti-money laundering compliance violations and ordered a partial business suspension for six months. According to the Financial Services Commission of Korea, the penalty is based on the "Act on Reporting and Use of Specific Financial Transaction Information" and stems from approximately 6.65 million violations by Bithumb. Among these, about 3.55 million instances involved failure to fulfill customer identity verification (KYC) obligations, and approximately 3.04 million instances involved ineffective blocking of transactions that should have been restricted. (CoinDesk)