South Korea fines Coinone $3.5M, orders partial business suspension: Reports
Coinone is the second to face South Korea’s crackdown on exchanges in the last month, following a $24 million fine and a six-month partial suspension order against Bithumb.
South Korea’s third-largest cryptocurrency exchange, Coinone, is facing a fine and a partial business suspension over anti-money laundering lapses, according to multiple local media reports.
South Korea’s Financial Intelligence Unit (FIU) under the Financial Services Commission accused Coinone of failing to comply with anti-money laundering obligations, including verifying user identities in about 70,000 cases, The Korea Times, Chosun and Yonhap News reported on Monday.
The FIU also alleged Coinone facilitated more than 10,000 transactions with 16 foreign exchanges not registered with South Korean regulators, despite repeated warnings.
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