South Korea's Bithumb Faces Sanction Review for Violation of the Specific Financial Information Act, Potential Fine Exceeds 3.9 Billion Yen

Could the Fine Surpass Upbit's?

South Korean cryptocurrency exchange Bithumb will undergo a sanction review on the 16th for violations of the Specific Financial Information Act (Special Act), as reported by South Korea's 'News1' on the 15th. There is speculation within the industry that the fine could exceed that of Upbit, which was 35.2 billion won (approximately 3.75 billion yen).

The Financial Information Analysis Institute (FIU), under the Financial Services Commission, will hold a sanction deliberation committee on the same day to discuss the level of sanctions. The FIU has already,...