Bithumb faces fines potentially exceeding those of Upbit for violating certain financial transaction laws.

Bithumb is under review for sanctions under South Korea's Specific Financial Transaction Information Act. South Korean financial regulators plan to convene an Anti-Money Laundering Sanctions Review Committee on March 16 to finalize the penalty. The Financial Intelligence Unit (FIU) has reportedly issued a preliminary notice to Bithumb, proposing sanctions including a six-month partial business suspension and a warning to its CEO for violating anti-money laundering (AML) obligations. This penalty is more severe than Upbit's previous three-month partial business suspension and 35.2 billion won fine. Industry observers predict that Bithumb's fine may be higher than Upbit's, reaching approximately 37 billion won, with the amount determined based on the number of unreported transactions on overseas exchanges. Previously, Upbit was fined 35.2 billion won for failing to report 44,900 transactions, while Korbit, with only 19 transactions, was only fined 2.7 billion won and given an institutional warning. According to the implementation rules of the Special Gold Law, if a violation is committed again within three years, the fine can be increased by 10% on top of the original amount. This provision may also affect the final amount of Bithumb's fine. (News1)