Bithumb faces review for alleged violations of the Special Kim Jong-un law, with potential fines exceeding Upbit's 35.2 billion won.

According to South Korean media reports, the Financial Intelligence Unit (FIU) of Korea will convene a sanctions review committee on March 16 to review the severity of sanctions against Bithumb for violating anti-money laundering obligations under the Specific Financial Information Act (Special Financial Information Act). The FIU had previously issued a preliminary notice to Bithumb, which included a six-month partial suspension of operations and a warning to its representative director, a stronger penalty than the three-month partial suspension imposed on Upbit. It is understood that Bithumb had more transactions with unreported overseas exchanges than Upbit. The number of unreported transactions is a key criterion for determining the severity of sanctions. Previously, Upbit was fined 35.2 billion won and suspended for three months for 44,948 related transactions, while Korbit, involved in only 19 transactions, was only fined 2.7 billion won and received an institutional warning. Therefore, market observers believe that Bithumb's fine could reach over 37 billion won. An official from South Korea's Financial Services Commission stated that the specific level of sanctions against Bithumb has not yet been finalized.