Bithumb Fined 210 Million Won for Data Transfer Violations

Bithumb Fined 210 Million Won for Data Transfer Violations

user avatar

by Ayman Ben Youssef

4 months ago

Made with AI

In a significant regulatory move, South Korea's Personal Information Protection Commission has fined the cryptocurrency exchange Bithumb for serious breaches of user data protection laws. As stated in the official source, this decision reflects the growing emphasis on compliance and data privacy within the rapidly evolving blockchain sector.

Fine Imposed on Bithumb for Data Breach

The commission has levied a fine of 210 million won, equivalent to approximately 136,000 USD, after discovering that Bithumb shared sensitive user information, including member numbers and USDT order details, with another exchange, BingX, without obtaining the required consent.

Unauthorized Data Transmission to Foreign Exchanges

Furthermore, Bithumb was found to have transmitted user names and wallet addresses to

  • 13 foreign exchanges
during asset transfers, again without securing separate approvals. This enforcement action is part of a broader initiative to establish stringent data protection guidelines in the cryptocurrency industry, emphasizing the critical need for exchanges to prioritize user privacy.

Regulatory Scrutiny in South Korea

As regulatory scrutiny intensifies in South Korea, this case serves as a stark reminder for crypto exchanges to adhere to data protection laws and safeguard user information against unauthorized sharing.

In contrast to South Korea's recent regulatory actions against Bithumb for data breaches, Vietnam has mandated that all domestic crypto transactions be conducted in Vietnamese dong, aiming to enhance oversight in its cryptocurrency market. For more details, see read more.

Tier I

Sector: #18291

Sealed Hiding Place Room

Resource Cache

Resource Cache

Tier I

Requires 25% Tier Progress to Claim
Meme Cache

Meme Cache

Tier I

Requires 50% Tier Progress to Claim
Equipment Cache

Equipment Cache

Tier I

Requires 75% Tier Progress to Claim

After collecting, hiding places will be stored in your inventory and can be opened with Keys.

Other news

JUST Completes Fifth Buyback and Burn of JST Tokens

JUST has successfully completed its fifth buyback and burn of JST tokens, burning over 170 million tokens.

user avatarLi Weicheng

JST Buyback Program Achieves Major Milestone

The JST buyback program has successfully completed one year of operation, burning approximately 188 billion JST tokens across five rounds, resulting in a 300% increase in JST's price.

user avatarAisha Farooq

Digital Sovereignty Alliance Engages in Key Payments Innovation Discussions

The Digital Sovereignty Alliance (DSA) engaged with industry leaders to discuss emerging technologies and regulatory developments in payments.

user avatarTenzin Dorje

WBTC Enhances Custody Infrastructure Amid Quantum Threats

Wrapped Bitcoin (WBTC) is enhancing its custody infrastructure to address potential quantum computing threats by migrating to new Custodian Bitcoin Deposit Addresses and exploring a multicustodian reserve model.

user avatarElias Mukuru

Quantum Computing Threatens Bitcoin's Financial Security

As quantum computing technology advances, Bitcoin faces significant security challenges that could impact its financial infrastructure.

user avatarBayarjavkhlan Ganbaatar

Sui Hashi Project Set for Phased Mainnet Launch in October

The Sui Hashi project is preparing for a phased mainnet launch in October, having secured over $500 million in commitments from more than 20 partners.

user avatarMohamed Farouk

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.