FSS chief: Bithumb faces maximum penalty, potential licensing sanctions

Lee Chan-jin, Governor of South Korea's Financial Supervisory Service (FSS), has called the recent erroneous payment incident at Bithumb a disaster and signaled the need for a sweeping investigation into so-called "ledger trading," where un-held crypto assets were traded, NewsPim reported. He stated that if Bithumb is found to have committed illegal negligence, it will face all possible penalties under current law. The governor also mentioned that once a digital asset framework bill currently under preparation is passed, regulations could be severe enough to include sanctions on the exchange's operating license, raising concerns that the viability of the virtual asset exchange business itself could be threatened.