🚨 SOUTH KOREA FINES COINONE $3.5 MILLION AND SUSPENDS OPERATIONS OVER ANTI-MONEY LAUNDERING VIOLATIONS
South Korea’s Financial Intelligence Unit has levied a 5.2 billion won ($3.49 million) fine against crypto exchange Coinone and ordered a three-month partial business suspension following serious anti-money laundering compliance failures, according to Yonhap News Agency.
The FIU, operating under the Financial Services Commission, determined that Coinone neglected customer identity verification in approximately 70,000 cases and facilitated around 10,000 transactions with 16 unregistered foreign exchanges — both direct violations of South Korea’s AML framework.
Under the suspension, new customers will be prohibited from depositing or withdrawing funds for crypto trading. Coinone’s CEO has been issued an official reprimand. The exchange now has a 10-day window to submit a formal response before the penalties take effect.