Key Takeaways:
South Korea’s FIU fined Coinone 5.2 billion won and imposed a 3-month partial business suspension starting April 29, 2026. Coinone failed to verify roughly 70,000 customer identities and processed 10,113 trades through 16 unregistered overseas exchanges. CEO Cha Myung-hoon received an official reprimand; Coinone has 10 days to respond and may appeal via administrative lawsuit. Coinone Hit With 5.2 Billion Won Fine and Partial Business SuspensionAdditional infractions included inadequate transaction monitoring, failure to report certain overseas exchange dealings, and not halting restricted transactions after regulators requested it.
Coinone CEO Cha Myung-hoon reportedly received an official warning as part of the enforcement action. The exchange has ten days to submit additional opinions on the fine before it is finalized.
The FIU described the action as a “partial” suspension because it does not shut down the platform or restrict current users. The agency notified Coinone of the proposed penalties on March 27, 2026. Reports say a sanctions review committee met on April 13 and confirmed the measures.
Coinone insisted it is taking the matter seriously and actively working to fix the compliance gaps. The exchange indicated it will review whether to file an administrative lawsuit after deliberating with its board.
Coinone’s penalties align with the scale of violations identified during inspection. The FIU has consistently framed these actions as necessary to enforce real-name verification requirements and reduce money laundering exposure in the virtual asset market.
For Coinone, the suspension limits new-user onboarding and external wallet activity for three months, creating a short-term revenue drag. The exchange said it plans to focus on compliance upgrades during the period.
