South Korea’s Bithumb faces six-month partial suspension over AML failures

South Korea's major crypto exchange, Bithumb, has received a preliminary notice from the Financial Intelligence Unit (FIU) for a six-month partial business suspension stemming from anti-money laundering (AML) regulation breaches. The notice cited insufficient Know Your Customer (KYC) procedures and the handling of unreported overseas virtual asset operators, also including disciplinary action against the CEO. This action is part of a broader regulatory enforcement campaign in South Korea, following similar sanctions against Upbit operator Dunamu and Korbit for comparable AML infractions. The restriction is expected to only affect new members, allowing existing users to maintain full access to KRW deposits/withdrawals and trading. Financial authorities will convene a committee to finalize the penalty, which Bithumb noted could still be adjusted.

(Source：Crypto Briefing)