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Crypto exchange Bithumb risks a partial business suspension for negligence around money laundering and customer verification practices, according to local media<\/a> reports.<\/p>\n Bithumb, South Korea\u2019s second-largest cryptocurrency exchange by trading volume, is reportedly facing a possible partial business suspension of up to six months as regulators step up enforcement over anti-money laundering controls.<\/p>\n South Korea\u2019s Financial Intelligence Unit (FIU) gave Bithumb a preliminary notice of a six-month partial suspension over alleged anti-money laundering and know-your-customer failures under the Act on Reporting and Using Specified Financial Transaction Information, according<\/a> to local media reports on Monday. The regulator reportedly cited concerns over dealings with unregistered overseas virtual asset service providers and shortcomings in customer due diligence.<\/p>\n The FIU also issued a reprimand warning to Bithumb\u2019s CEO, a warning considered a heavy penalty, which may lead to restrictions on his reapp<\/a>ointment or future roles. Regulators are expected to hold a sanctions review later in March before deciding on any final measures. Bithumb told News<\/a>1 that the action remains at the pre-notification stage and that the scope of any sanctions could still change.<\/p>\n Read more<\/p>\n<\/p>\n If you liked the article, do not forget to share it with your friends. Follow us on\u00a0Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n If you want to read more News articles, you can visit our General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n\n