Key facts
- Bithumb was fined $136,000 by South Korea's Personal Information Protection Commission (PIPC).
- The fine was issued for transferring user data overseas without separate consent.
- The exchange shared order book information and user data with multiple foreign virtual asset exchanges.
- The PIPC noted the importance of complying with data protection requirements for overseas transfers.
South Korean cryptocurrency exchange Bithumb has been ordered to pay a $136,000 fine by the country's Personal Information Protection Commission (PIPC) for violating personal information protection rules. The investigation concluded that Bithumb transferred user data overseas without obtaining separate consent from data subjects, which is required by law. This occurred during processes such as order book sharing and virtual asset transfers with overseas exchanges. Specifically, Bithumb shared its Tether (USDT) order books with BingX and user information with 13 other overseas exchanges between September and November 2025. While the PIPC acknowledged the necessity of data sharing for anti-money laundering purposes, it emphasized the strict need to comply with the Protection Act's requirements and procedures for overseas data transfers and the data subject's right to self-determination. Bithumb, one of South Korea's largest crypto exchanges, has faced previous scrutiny, including a temporary suspension of activities that was later reversed by a court. Offices of Bithumb were also reportedly raided as part of an investigation into alleged nepotism involving lawmaker Kim Byung-gi. In related news, South Korea plans to impose a 22% tax on cryptocurrency gains starting in January 2027, affecting an estimated 16 million digital asset investors.