South Korean regulator fines Coinone ₩5.2B, issues partial suspension

South Korea's Financial Intelligence Unit (FIU) has imposed sanctions on the South Korean cryptocurrency exchange Coinone, including a three-month partial business suspension and a 5.2 billion won ($3.8 million) fine, Digital Asset reported. The regulator also issued a formal reprimand to the exchange's CEO. The suspension specifically restricts new customers from making external cryptocurrency transfers. The action follows an on-site anti-money laundering inspection conducted between April 21 and May 16 of last year. The FIU found that Coinone had violated its legal obligations under the country's Special Financial Transaction Act, including failing to prohibit transactions with unregistered virtual asset service providers and neglecting customer due diligence requirements. The agency identified a total of approximately 90,000 violations.