South Korean crypto exchange Bithumb has been fined 36.8 billion won (~$24.6 million) and had part of its operations suspended for six months for millions of violations of anti-money laundering regulations. 🔷 The Financial Intelligence Unit (FIU) of South Korea discovered that Bithumb had approximately 6,650,000 violations related to anti-money laundering regulations. 🔷 This includes approximately 3,550,000 cases where the Know Your Customer (KYC) process was not fully completed, and 3,040,000 cases where transactions that should have been blocked were not blocked. 🔷 FIU fined Bithumb 36,800,000,000 won (~$24,600,000 USD) and imposed a partial suspension of operations for 6 months. 🔷 The suspension order only applies to newly registered users; existing customers can still trade and withdraw funds as usual. 🔷 In addition, the regulatory body also applied individual disciplinary measures: the CEO of Bithumb received a warning, and the officer in charge of reporting for the exchange was suspended from work for 6 months. 🔷 Violations were discovered during the 2024–2025 inspection of five major South Korean crypto exchanges: Upbit, Bithumb, Coinone, Korbit, and Gopax.