Disclaimer: Information found on CryptoreNews is those of writers quoted. It does not represent the opinions of CryptoreNews on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoreNews covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.
Coinone Exchange Fined $3.5 Million and Subject to Temporary Operational Restrictions, 2026/04/14 11:15:09
The Financial Intelligence Unit of South Korea (FIU) has imposed a fine of 5.2 billion won (approximately $3.5 million) on the cryptocurrency exchange Coinone and has introduced partial operational restrictions for a period of three months. This action was taken due to violations of customer verification procedures and anti-money laundering requirements.
According to the FIU, Coinone inadequately verified around 70,000 user accounts. The regulator identified approximately 40,000 instances of incomplete or contradictory client information, raising concerns about the effectiveness of the exchange’s registration systems and internal controls. Additionally, around 30,000 accounts were utilized in violation of transaction limits—without undergoing the necessary verification steps. The FIU believes that such infractions increase the risks of financial crimes.
Related Posts
The investigation also revealed that Coinone conducted nearly 10,000 transactions with 16 unregistered foreign platforms. The regulator classified this as a significant breach of the requirements for monitoring international cryptocurrency operations.
In addition to the fine, the FIU has imposed partial restrictions on the exchange’s operations. For three months, new users will be unable to make deposits or withdraw funds. Existing clients will continue to operate as usual.
Coinone has stated that it is reviewing the regulator’s comments and is taking steps to rectify the violations. CEO Cha Myung-hoon received an official warning as part of the supervisory process. The company has 10 days to respond to the regulator before the final amount of the fine is confirmed.
In March, the FIU also sanctioned another South Korean cryptocurrency exchange—Bithumb. The platform was fined $24 million and partially restricted for six months. Bithumb attracted the regulator’s attention after mistakenly sending 620,000 bitcoins to clients, which at that time were valued at approximately $42 billion.
