FIU Conducts On-Site Inspection of Bithumb Following Upbit, Focusing on Compliance with the Special Act on Reporting and Using Specified Financial Transaction Information
Bithumb to Undergo 10-Day Inspection Starting on the 17th
Investigation to Cover Transactions with Unregistered Overseas Operators
Upbit Previously Sanctioned with Three-Month Partial Suspension
The Financial Intelligence Unit (FIU) of the Financial Services Commission is set to conduct an on-site inspection of the virtual asset exchange Bithumb, following its inspection of Upbit.
According to the financial sector on the 7th, the FIU has notified that it will carry out an on-site inspection of Bithumb for 10 days starting from the 17th. This inspection will focus on transactions involving virtual asset transfers with unregistered overseas virtual asset service providers, compliance with customer verification obligations under the Act on Reporting and Using Specified Financial Transaction Information (the Special Financial Information Act), and adherence to transaction restriction obligations.
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Previously, the FIU uncovered violations of the Special Financial Information Act during its on-site inspection of Dunamu, the operator of Upbit. Sanctions included a three-month partial suspension of business, a reprimand warning to CEO Lee Seok-woo, dismissal of the compliance officer, and personnel sanctions against nine employees.
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