Bithumb will face penalties from South Korean regulators, with fines potentially exceeding Upbit's 35.2 billion won.
PANews reported on March 16 that, according to News1, the Financial Information Analysis Institute under the Financial Services Commission of South Korea will convene a penalty review committee on the 16th to consider the level of punishment for Bithumb's violation of the Specific Financial Information Act. Bithumb is suspected of violating anti-money laundering obligations and had previously received advance notices including a six-month suspension of some operations and a warning to its representative director. The penalty is more severe than the three-month suspension of some operations previously received by Upbit.
Bithumb had a higher number of virtual asset transactions with unreported overseas exchanges than Upbit, and the number of transactions is a major criterion for determining the severity of penalties. Upbit was fined 35.2 billion won for 44,948 transactions, while Korbit, with only 19 transactions, was fined 2.7 billion won. The media outlet speculated that Bithumb's fine might exceed Upbit's, reaching around 37 billion won.
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