TechFlow News, March 16: According to CoinDesk, South Korea’s Financial Intelligence Unit (FIU) has fined cryptocurrency exchange Bithumb 36.8 billion Korean won (approximately $24.6 million) for violating anti-money laundering (AML) regulations and ordered a six-month partial suspension of its operations.
As disclosed by the Financial Services Commission (FSC), the penalty was imposed under the “Act on Reporting and Utilization of Specific Financial Transaction Information.” It stems from approximately 6.65 million violations committed by Bithumb, including roughly 3.55 million instances of failure to fulfill customer due diligence (KYC) obligations and approximately 3.04 million instances of failing to effectively block transactions subject to restrictions.
The regulatory authority also imposed disciplinary measures on relevant individuals: Bithumb’s CEO received a formal warning, while its Compliance Reporting Officer was suspended from duty for six months.
These violations were uncovered during on-site inspections conducted by South Korean regulators between 2024 and 2025 across five major exchanges—Upbit, Bithumb, Coinone, Korbit, and Gopax.
