[Bitcoin Now] FIU Launches On-Site Investigation into Bithumb... Examining Order Book Sharing Procedures with Overseas Virtual Asset Exchanges

The Financial Intelligence Unit (FIU) has launched an on-site investigation into Bithumb. The purpose is to examine the procedures related to order book sharing with overseas exchanges.

According to the virtual asset industry on October 1, the FIU is conducting an on-site investigation into Bithumb's recent order book sharing with the Australian virtual asset exchange 'Stellar.' Order book sharing refers to the practice of virtual asset exchanges sharing buy and sell orders with each other.

Under the Act on Reporting and Using Specified Financial Transaction Information, domestic virtual asset service providers must go through the licensing and registration process of the counterpart overseas exchange, and establish anti-money laundering (AML) frameworks and know-your-customer (KYC) systems, in order to share order books with overseas exchanges.

The FIU reportedly plans to review whether Stellar's authorization documents have been properly submitted, whether there are any issues with customer information verification procedures, and whether the risks of anonymous transactions or money laundering have been sufficiently blocked.