Coinone Faces $3.49 Million Fine, Partial Business Suspension

The Financial Intelligence Unit (FIU) has taken action against Coinone, a prominent South Korean cryptocurrency exchange, due to its non-compliance with anti-money laundering regulations.

The agency has imposed a fine of $3.49 million on the exchange and ordered a three-month partial suspension of its business operations. This decision is based on Coinone's failure to verify the identities of over 70,000 users, as required by law.

Coinone was also found to have supported approximately 10,000 transactions with 16 unregistered exchanges abroad, further contributing to the regulatory issues.

During the suspension period, new customers will not be able to deposit or withdraw funds for trading purposes. The FIU has announced that Coinone's CEO will receive an official reprimand and that the exchange has been given a 10-day window to submit its opinion before the fine is finalized.