BlockBeats News, April 13th. According to the Korean media Edaily, the South Korean cryptocurrency exchange Coinone is facing partial business suspension and fine penalties for violating anti-money laundering obligations. Coinone stated that it would address the related deficiencies, carefully consider whether to file a lawsuit, and market attention is focused on whether this action will lead to litigation with financial regulatory authorities like Dunamu and Bithumb.
After conducting an on-site anti-money laundering inspection of Coinone, the Korea Financial Intelligence Unit (FIU) identified multiple core obligations violations under the Specific Financial Information Act (Special Act) and decided to sanction the exchange.
Considering the overall scale and nature of the violations, the FIU decided to impose a three-month partial business suspension on Coinone and a fine of 5.2 billion Korean won. The suspension period will be from the 29th of this month to July 28th, during which only new users will be restricted from external transfers of cryptocurrency assets (deposits and withdrawals), while existing users’ transactions can continue normally.
