South Korean cryptocurrency exchange Coinone was fined approximately $3.5 million and partially suspended for three months for violating the Special Gold Law.

CoinFeed reported on April 13th that, according to Edaily, the Financial Intelligence Unit (FIU) of Korea has sanctioned Coinone for violating anti-money laundering obligations, imposing a three-month partial business suspension (April 29th to July 28th) and a fine of 5.2 billion won (approximately US$3.5 million). The restriction only applies to external transfers of virtual assets by new users; existing users' transactions are unaffected. The FIU pointed out that Coinone was involved in issues such as failing to declare transactions on overseas exchanges, inadequate customer identification, and violations of transaction restrictions. Coinone stated that it will rectify the issues and carefully consider whether to file a lawsuit.