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
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.
