According to a report by South Korean media outlet Edaily on April 13th, South Korean cryptocurrency exchange Coinone faces partial business suspension and fines for violating anti-money laundering obligations. Coinone stated it will address the shortcomings and is carefully considering whether to file a lawsuit. Whether this move will lead to litigation with financial regulators, similar to Dunamu and Bithumb, is attracting market attention.
Following an on-site anti-money laundering inspection of Coinone, South Korea's Financial Intelligence Unit (FIU) determined that Coinone had violated several core obligations under the Specific Financial Information Act (Special Financial Information Act) and decided to impose sanctions on it.
After considering the scale and nature of the violations, FIU has decided to impose a three-month partial suspension of operations and a fine of 5.2 billion Korean won on Coinone. The suspension period is from June 29th to July 28th. During this period, only external transfers of crypto assets (deposits and withdrawals) by new users will be restricted; existing users can continue trading normally.
