Bithumb Hit With 210M Won Penalty for Data Transfer Violations

The PIPC investigation into cross-border data sharing is not limited to identity verification. The commission is examining how Bithumb and other exchanges pass trading data, including order books, to global platforms. South Korea's Personal Information Protection Act applies to this kind of data flow, and regulators are testing its boundaries.

Amendments to PIPA take effect in September 2026. They raise the penalty ceiling for serious violations to 10% of total revenue. CEOs also face personal accountability under the new rules. For an exchange the size of Bithumb, 10% of revenue would dwarf the current 210 million won fine. The four-month window gives Bithumb and its peers time to adjust data handling procedures before the regime stiffens.

Bithumb now carries a stack of regulatory liabilities: a PIPC data fine, a $24.6 million AML penalty from the FIU, an active probe into its cross-border data flows, and a tougher penalty law arriving in September. Each one compounds the pressure on an exchange that has struggled with compliance for years.