South Korea’s Financial Intelligence Unit fined crypto exchange Coinone 5.2 billion won and imposed a three-month partial business suspension (Apr 29–Jul 28, 2026) after an inspection uncovered systemic KYC/AML failures: roughly 70,000 identity‑verification issues (≈40,000 unverifiable/incomplete IDs and ≈30,000 trades without completed verification), 10,113 transactions routed through 16 unregistered overseas virtual asset platforms, inadequate transaction monitoring, failures to report certain overseas dealings, and not blocking restricted transactions after regulator requests. CEO Cha Myung‑hoon received a reprimand; Coinone has 10 days to submit opinions and may appeal. The suspension prevents new customers from depositing, withdrawing, or making external crypto transfers while allowing existing users to continue trading.

Regulator imposed a 5.2 billion won fine and a concrete three‑month suspension of new-user deposit/withdrawal/external transfer services after inspectors found ~70,000 KYC failures, 10,113 transactions via 16 unregistered overseas platforms, inadequate monitoring, and failures to report — facts that directly constrain exchange flows and signal heightened enforcement.