đ°đ· South Korea Hits Bithumb with 6-Month Suspension Warning â Largest Exchange Sanction Yet
The Financial Intelligence Unit (FIU) has issued a preliminary notice for a 6-month partial suspension of Bithumb's operations due to AML/KYC violations.
What it means:
âą New users â cannot transfer virtual assets for 6 months
âą Existing users â full trading and KRW access remains
âą Bithumb is South Korea's second-largest exchange
âą Final sanctions decision: March 16
Why it matters:
This is the most significant regulatory action against a major Korean exchange to date. Bithumb was already fined for failing to report suspicious transactions in 2023 .
The suspension targets new user onboarding, effectively freezing growth for half a year while existing users remain untouched.
Regulatory crackdown or targeted enforcement? đ