South Korean authorities fine Bithumb $136K over sharing user information overseas

South Korean authorities fined Bithumb, a major cryptocurrency exchange, $136,000 on March 20, 2024, for illegally sharing user information with overseas platforms. The Financial Services Commission (FSC) concluded its investigation, finding that Bithumb violated the Personal Information Protection Act by transferring sensitive user data to multiple foreign exchanges without proper consent or legal basis. This action underscores the growing regulatory scrutiny on cryptocurrency exchanges regarding data privacy and cross-border data transfers. The FSC's decision highlights the importance of adhering to national data protection laws, even in the globalized digital asset market. Bithumb has stated it will comply with the ruling and is implementing measures to enhance its data handling protocols to prevent future violations.