FSS to consider sanctions against Bithumb after finding internal control issues

Lee Chan-jin, governor of South Korea's Financial Supervisory Service (FSS), announced that the agency has completed its inspection into an erroneous Bitcoin payment incident at South Korean crypto exchange Bithumb and will proceed with sanctions after a further legal review. According to Digital Today, Lee said at a monthly press conference on March 26 that the inspection confirmed issues with the exchange's internal controls. He explained that the FSS is now conducting an additional legal review to determine whether there were violations of the act on virtual asset user protection. Lee also noted that the regulator is preparing broader institutional improvements for the digital asset market as a whole.