Bithumb fined W37b, faces 6-month biz suspension over anti-money laundering lapses

Bithumb fined W37b, faces 6-month biz suspension over anti-money laundering lapses

The country's anti-money laundering agency said Monday that it has decided to fine Bithumb, one of South Korea's crypto exchanges, some 37 billion won ($24.8 million) and impose a six-month partial business suspension over lapses in customer verification obligations and transactions with unregistered partners. The Financial Intelligence Unit, under the Financial Services Commission said Bithumb did not comply with its obligations to verify the identities of users in about 6.59 million cases. The

By The Korea Herald