- South Korea‘s Personal Information Protection Commission fined Bithumb $136,000 for sending user data overseas without proper consent.
- The breach involved sharing USDT order book data with BingX and user info with 13 overseas exchanges beyond the consented scope with Stellar.
- South Korea has confirmed a 22% tax on cryptocurrency gains will take effect in January 2027, potentially impacting millions of investors.
- This enforcement action adds to Bithumb‘s recent regulatory scrutiny, including a suspended business suspension and a police raid.
South Korean crypto exchange Bithumb was ordered to pay a $136,000 fine on Thursday after a regulator found it breached personal data rules. The country’s Personal Information Protection Commission (PIPC) said the exchange transferred personal information overseas without obtaining separate consent from users.
Specifically, Bithumb shared its Tether order books with BingX from September to November 2025, despite having consent only for Stellar. It also shared user data with 13 other overseas exchanges during asset transfers. The PIPC noted that while information sharing for anti-money laundering is necessary, the procedures stipulated in the Protection Act must be strictly followed.
Consequently, this fine is the latest in a series of regulatory challenges for the major exchange. Earlier this year, a financial watchdog imposed a six-month business suspension, which a court later reversed, and police recently raided its offices as part of a separate investigation.
Meanwhile, South Korea’s broader crypto landscape is facing significant change. The Finance Ministry confirmed a 22% tax on crypto gains will begin in January 2027, a measure delayed from 2025. Data shows about 16 million South Koreans were invested in digital assets as of March 2025, indicating the tax’s wide potential impact.
In related news, blockchain analytics firm Chainalysis recently partnered with the Korean National Police Agency to enhance investigative capabilities. A key focus of this collaboration is to better combat crypto attacks linked to North Korea, with South Korean police described as being “at the forefront” of tackling these threats.
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