South Korean crypto exchange Coinone fined approximately $3.5 million for violating the Special Financial Transaction Act and partially suspended operations for 3 months

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ME News Report, April 13 (UTC+8), South Korea’s Financial Intelligence Unit (FIU) imposed sanctions on Coinone for violating anti-money laundering obligations, resulting in a partial suspension of operations for three months (April 29 to July 28) and a fine of 5.2 billion Korean Won (approximately $3.5 million). The restrictions only apply to external virtual asset transfers for new users; existing user transactions are unaffected. FIU stated that issues involved unreported overseas exchange transactions, lack of customer identity verification, and violations of transaction restrictions. Coinone said it will make corrections and is carefully considering whether to file a lawsuit. (Source: PANews)

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