South Korean Financial Intelligence Unit fined the cryptocurrency exchange Coinone 5.2 billion won and ordered it to suspend part of its operations for three months after inspectors identified systemic violations in customer identity verification procedures and in relations with unregistered foreign platforms.

Main conclusions:
South Korea’s Financial Intelligence Unit fined Coinone 5.2 billion won and imposed a partial suspension of its activities for three months, starting April 29, 2026.
Coinone failed to verify the identities of approximately 70,000 clients and conducted 10,113 transactions through 16 unregistered foreign exchanges.
CEO Cha Myeon-hun received an official reprimand; Coinone has 10 days to respond and the opportunity to appeal the decision in an administrative court.