FIU under FSC issues six-month business suspension notice to Bithumb for violating AML law

According to The Financial News, financial authorities are expected to impose heavy sanctions on virtual asset exchange Bithumb for violating anti-money laundering obligations.
On the 9th, financial authorities and industry sources said that the Financial Intelligence Unit (FIU) of the Financial Services Commission recently gave Bithumb prior notice of sanctions, including a six-month partial business suspension and a reprimand of its CEO, for violating the Act on Reporting and Use of Specified Financial Transaction Information.
Bithumb was criticized for continuing to trade with unregistered overseas virtual asset service providers and for neglecting its customer due diligence (KYC) obligations.
Regarding the six-month partial business suspension, a Bithumb official said, "The restriction on virtual asset transfers applies only to new members," and added, "Existing users will still be able to deposit and withdraw Korean won and virtual assets, and trade as usual."
However, this measure is a prior notice intended to gather opinions as part of administrative procedures. The FIU plans to convene a Sanctions Review Committee as early as this month to deliberate on Bithumb's violations of anti-money laundering obligations.
elikim@fnnews.com Kim Mi-hee Reporter