US EditionSouth Korea Orders Suspension, Fine for Crypto Exchange Coinone
11 Articles
11 Articles
Financial authorities have decided to impose a six-month partial suspension of operations and a fine of 5.2 billion won on Coinone, a domestic virtual asset exchange, on charges including trading with undeclared overseas exchanges and failing to fulfill customer due diligence obligations. Following Upbit last November and Bithumb last month, sanctions by financial authorities targeting virtual asset exchanges are continuing in succession, with C…
REGULATION | South Korean Exchange, CoinOne, Fined ~3.5 Million and 3-Month Suspension Over AML, KYC Failures
South Korea has fined cryptocurrency exchange Coinone about $3.5 million and ordered a three-month partial suspension of its operations over anti-money laundering (AML) failures, according to local reports. The country’s Financial Intelligence Unit (FIU) said the exchange violated key AML and know-your-customer (KYC) requirements, including failing to properly verify around 70,000 user accounts and allowing trading activity without completed ide…
Coinone Hit With Fines and Trading Curbs Over AML Violations in South Korea
The company is also accused of neglecting to limit transactions for clients whose verification steps were not completed. Until the three-month partial business restriction is removed, new users are unable to deposit or withdraw money from the exchange. 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…
[Digital Daily Reporter Cho Yoon-jung] The virtual asset industry is facing comprehensive sanctions from financial authorities. This comes as the Financial Intelligence Unit (FIU), under the Financial Services Commission, has imposed fines worth tens of billions of won and partial business suspensions on Bithumb and Coinone, major domestic virtual asset exchanges, citing violations of Anti-Money Laundering (AML) obligations. Furthermore, with Du…
South Korea penalizes Coinone with a $3.5M fine for AML lapses
South Korean financial regulators have issued a multi-billion won fine and a three-month business suspension against Coinone following a probe into systemic anti-money laundering failures. The Korea Times, Chosun, and Yonhap News reported on Monday that the Financial Intelligence Unit…
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