BlockBeats News, March 15th: South Korean cryptocurrency exchange Bithumb has been pre-notified by the Financial Intelligence Unit (FIU) that it will face a 6-month partial business suspension for violating the Specific Financial Information Act’s anti-money laundering obligations, with a CEO accountability warning. South Korean financial authorities plan to hold an anti-money laundering sanctions review committee on March 16th to make a final decision on the penalty.
This penalty is expected to exceed the previous penalty imposed on Upbit operator Dunamu, which was fined 35.2 billion Korean won and faced a 3-month partial business suspension for violations. Due to the larger scale of violations by Bithumb, the industry generally expects its fine to reach a historic high. Bithumb responded that it is currently in the pre-notification stage and will fully state its improvement efforts through subsequent formal procedures.
