Coinone Hit With Fines and Trading Curbs Over AML Violations in South Korea

TheNewsCryptoPublicado em 2026-04-14Última atualização em 2026-04-14

Resumo

Coinone, South Korea's third-largest cryptocurrency exchange, has been fined 5.2 billion won ($3.5 million) and issued a three-month partial business suspension by the country's Financial Intelligence Unit (FIU). The penalties are due to multiple anti-money laundering violations, including a failure to verify user identities in approximately 70,000 instances. The FIU also found that Coinone processed over 10,000 transactions with 16 registered offshore exchanges and neglected its customer due diligence responsibilities. This is the second major regulatory action against a South Korean exchange in a month, following similar penalties against Bithumb. The Bank of Korea is now advocating for stricter regulations, including trading limitations to halt activity during abnormal market fluctuations.

According to local local media reports, Coinone, the third-largest cryptocurrency exchange in South Korea, is facing fines and a partial business suspension due to anti-money laundering violations.

Coinone was reportedly held by South Korea’s Financial Intelligence Unit (FIU) under the Financial Services Commission for noncompliance with anti-money laundering requirements, including the failure to verify user identities in around 70,000 instances, according to Monday’s reports in The Korea Times, Chosun, and Yonhap News.

In addition, the FIU said that, despite several warnings, Coinone enabled over 10,000 transactions with 16 offshore exchanges that were not registered with South Korean authorities.

The company is also accused of neglecting to limit transactions for clients whose verification steps were not completed and of classifying customer verification as complete while critical information was lacking, both of which constitute violations of customer due diligence responsibilities.

Enforcing Stringent Regulations

Following March’s $24 million fine and six-month partial suspension at Bithumb—the country’s second-largest crypto exchange by trading volume—for alleged anti-money laundering violations, this is the second regulatory action against exchanges in the last month to occur in South Korea.

Following an error by Bithumb, which resulted in the incorrect delivery of 620,000 Bitcoin to consumers (equivalent to around $42 billion at the time) rather than 620,000 Korean won, the Bank of Korea pushed for the adoption of stricter regulations on exchanges.

On Monday, the central bank suggested that legislators introduce measures to halt trading in the case of anomalous behavior or abrupt fluctuations in cryptocurrency values by instituting trading limitations. Until the three-month partial business restriction is removed, new users are unable to deposit or withdraw money from the exchange, and Coinone was fined 5.2 billion won ($3.5 million) by the FIU.

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Perguntas relacionadas

QWhat is the main reason Coinone is facing fines and a partial business suspension?

ACoinone is facing fines and a partial business suspension due to anti-money laundering (AML) violations, including the failure to verify user identities in approximately 70,000 instances.

QWhich regulatory body is responsible for holding Coinone accountable for these violations?

ASouth Korea’s Financial Intelligence Unit (FIU) under the Financial Services Commission is the regulatory body holding Coinone accountable.

QWhat was one of the specific failures in customer due diligence that Coinone was accused of?

ACoinone was accused of neglecting to limit transactions for clients whose verification steps were not completed and of classifying customer verification as complete while critical information was lacking.

QHow much was the fine imposed on Coinone by the FIU?

AThe FIU fined Coinone 5.2 billion won, which is equivalent to approximately $3.5 million.

QWhat recent regulatory action against another major South Korean exchange preceded this action against Coinone?

AThis action against Coinone follows a $24 million fine and a six-month partial suspension imposed on Bithumb, the country's second-largest crypto exchange, for alleged anti-money laundering violations in March.

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