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South Korean cryptocurrency exchange Coinone faces a 3-month partial suspension of business and a fine for violating anti-money laundering obligations

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April 13 — South Korean cryptocurrency exchange Coinone faces partial operational suspension and a fine for violating anti-money laundering (AML) obligations, per Korean outlet Edaily. The Korea Financial Intelligence Unit (FIU) found multiple core violations of the Specific Financial Information Act (Special Act) during an on-site AML inspection, prompting the sanctions. Given the violations’ scale and nature, the FIU ordered a 3-month partial suspension (April 29–July 28) and a 5.2 billion won fine. During the suspension, only new users will be barred from external crypto asset transfers (deposits/withdrawals); existing users can trade normally. Coinone said it will remedy the shortcomings and is weighing whether to file a lawsuit. Market focus is on whether this will lead to legal action against regulators—similar to moves by fellow Korean exchanges Dunamu and Bithumb.
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