Key facts
- Bithumb was fined $136,000 by the Personal Information Protection Commission.
- The fine was for transferring user data overseas without proper consent.
- Bithumb shared user information with multiple foreign exchanges.
- The actions violated South Korean data protection laws.
- The Personal Information Protection Commission conducted the investigation.
South Korean cryptocurrency exchange Bithumb has received a fine of $136,000 from the Personal Information Protection Commission (PIPC). The penalty was imposed due to the exchange's unauthorized transfer of user data to overseas entities. An investigation by the PIPC revealed that Bithumb shared customer information with several foreign cryptocurrency exchanges without securing the explicit consent of its users. This practice is in direct violation of South Korea's data protection laws. The commission's findings indicate a breach of regulations designed to safeguard personal information. The fine underscores the growing regulatory attention on cryptocurrency platforms concerning their data privacy and security protocols. Bithumb's actions have drawn criticism for potentially compromising the sensitive information of its user base by sharing it across international borders without adequate safeguards or user approval.