South Korean regulators have fined Bithumb about $24.5 million and imposed a 6-month partial suspension after finding widespread anti-money-laundering violations, according to local reports.

This is the largest fine yet imposed on a South Korean exchange, which also happens to be among the top 3 largest exchanges in South Korea.

The sanction was issued by the Financial Intelligence Unit (FIU) under the Financial Services Commission following an investigation that uncovered

• weak customer verification,

• poor monitoring of suspicious transactions and

• dealings with unregistered overseas crypto platforms.

Under the penalty, the exchange will face restrictions for six months beginning in late March 2026. New users will be barred from transferring crypto assets outside the platform, though existing customers will still be able to trade and move funds normally.

Bithumb had apparently been repeatedly warned to halt transactions with unregistered overseas crypto firms but failed to comply and unable to implement effective blocking measures.

Authorities said the measures aim to curb potential illicit financial activity and enforce compliance with South Korea’s digital-asset regulations, which have tightened in recent years.

The action marks one of the largest penalties imposed on a crypto exchange in the country as regulators step up oversight of the sector.

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