Authorities probe allegations of employment-related favors and nomination bribery linked to the crypto exchange’s leadership.
South Korean police raided Bithumb’s offices as part of an investigation into allegations of favoritism involving a lawmaker’s hiring practices. The probe centers on claims tied to nomination bribery and employment-related favors, including those involving the lawmaker’s son and a university transfer request.
Bithumb, one of the country’s largest cryptocurrency exchanges, has faced regulatory scrutiny over compliance issues. In March, financial regulators imposed a $24.5 million fine and a six-month partial suspension for Anti-Money Laundering (AML) and Know Your Customer (KYC) deficiencies. A court later blocked the suspension after Bithumb appealed the decision.
Authorities previously questioned Bithumb executives in February and April as part of the ongoing investigation. The exchange has denied wrongdoing, with its leadership expressing confidence in being cleared of allegations.