South Korea Fines Bithumb 210M Won For Unauthorized Overseas Data Transfers
South Korea's Personal Information Protection Commission has fined cryptocurrency exchange Bithumb 210 million won (approximately $136,000) for unauthorized transfers of user data overseas. The violations involved sharing member numbers and transaction details with BingX, and transmitting user names and wallet addresses to 13 foreign exchanges during asset transfers without proper consent.
Alongside the fine, the commission issued a corrective order. The case highlights increasing regulatory scrutiny on data privacy in South Korea's active crypto market, showing that compliance risks extend beyond trading rules to include how exchanges manage information flows with international partners.
The enforcement action is expected to prompt other exchanges to review their data-transfer consent processes and could lead to broader operational changes within Bithumb. It signifies a widening of crypto regulation into the full operational structure of exchange businesses.
bitcoinist06/26 22:31
