South Korean regulators are considering imposing heavy penalties on Bithumb, potentially including a six-month partial shutdown.

CoinFeed reported on March 15th that, according to news1, South Korean cryptocurrency exchange Bithumb has received a prior sanction notice from the Financial Intelligence Unit (FIU) for violating anti-money laundering obligations under the Specific Financial Information Act. The proposed penalty is a partial suspension of operations for up to six months, along with a warning to the CEO. South Korean financial authorities plan to convene an anti-money laundering sanctions review committee on March 16th to finalize the scope and severity of the punishment. The proposed penalty is expected to be more severe than the previous sanctions imposed on Dunamu, which was fined 35.2 billion won and required to partially suspend operations for three months for violations. Given the broader scope of Bithumb's violations, the market widely expects the fine to break the record for regulatory penalties in the South Korean cryptocurrency industry.