South Korea will consider imposing penalties on Bithumb, with fines exceeding 35.2 billion Korean won

On March 15th, South Korean cryptocurrency trading platform Bithumb was notified in advance by the Financial Intelligence Analysis Unit (FIU) that it would face a six-month partial suspension of operations and an accountability warning for its CEO for violating its anti money laundering obligations under the Specific Financial Information Act. The South Korean financial authorities plan to convene an anti money laundering sanctions review committee on March 16th to ultimately determine the severity of the punishment. This punishment is expected to exceed the previous fine of 35.2 billion Korean won and three-month partial business suspension imposed on Upbit operator Dunamu. Bithumb responded that it is still in the pre notification stage and will make a formal statement on the improvement situation through formal procedures.