South Korea Orders Suspension, Fine for Crypto Exchange Coinone

South Korea's Financial Intelligence Unit (FIU) has fined cryptocurrency exchange Coinone 5.2 billion won (approximately $3.5 million) and ordered a three-month partial business suspension due to anti-money laundering (AML) violations. The exchange is accused of failing to verify user identities in about 70,000 cases and facilitating over 10,000 transactions with unregistered foreign exchanges, despite warnings. Coinone also allegedly violated customer due diligence by marking verifications as complete with missing information and failing to restrict unverified customers. The exchange's CEO, Cha Myung-hoon, received an official reprimand. This action follows a similar regulatory crackdown on Bithumb last month. Coinone has 10 days to dispute the penalties.

(Source：Cointelegraph)