8h ago

South Korea Fines Coinone $3.5m And Suspends Business Over Aml Failures

South Korea's Financial Intelligence Unit has fined crypto exchange Coinone (@CoinoneOfficial) 5.2 billion won, roughly $3.49 million, and imposed a three-month partial business suspension over anti-money laundering failures, Yonhap News Agency reported.

The FIU, which operates under the Financial Services Commission, found that Coinone failed to verify customer identities in around 70,000 cases and supported approximately 10,000 transactions with 16 unregistered overseas exchanges.

During the suspension period, new customers will be barred from depositing or withdrawing funds for crypto trading. Coinone's CEO will also receive an official reprimand. The exchange has been given 10 days to submit a formal response before the sanctions take effect.

South Korea Fines Coinone $3.5m And Suspends Business Over Aml Failures

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