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South Korea fines Coinone $3.5 million, orders partial suspension over AML lapses

South Korea's Financial Intelligence Unit (FIU) has fined crypto exchange Coinone (@CoinoneOfficial) 5.2 billion won (about $3.49 million) and ordered a three-month partial suspension for anti-money laundering violations, Yonhap News Agency reported. The FIU, which operates under the Financial Services Commission, said Coinone failed to verify customer identities in roughly 70,000 cases and facilitated about 10,000 transactions involving 16 unregistered overseas exchanges. During the suspension period, new customers will be prohibited from depositing or withdrawing funds for crypto trading. The FIU also issued an official reprimand to Coinone's CEO. Coinone has 10 days to submit a formal response before the measures take effect.
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