"The Financial Services Commission's FIU confirmed the sanctions on April 13, 2026, following an on-site inspection of Coinone conducted as part of the agency's broader review of the country's top virtual asset service providers."
"Inspectors found roughly 40,000 instances involving unverifiable or incomplete ID documents and around 30,000 cases where users were allowed to trade without completing verification."
"The exchange allegedly facilitated around 10,113 transactions tied to 16 unregistered overseas virtual asset platforms, a direct violation of the Act on Reporting and Using Specified Financial Transaction Information."
"The partial suspension runs from April 29 to July 28, 2026. During that window, new customers cannot deposit, withdraw, or conduct external virtual asset transfers for crypto trading purposes."
Coinone has been fined 5.2 billion won and will face a three-month partial business suspension starting April 29, 2026, due to regulatory violations. The Financial Services Commission's FIU found that Coinone failed to verify the identities of approximately 70,000 customers and processed over 10,000 trades through 16 unregistered overseas exchanges. The CEO received an official reprimand, and Coinone has ten days to respond to the sanctions. During the suspension, new customer transactions will be restricted, while existing account holders will maintain access.
Read at news.bitcoin.com
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