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Crypto exchange Coinone fined, hit with business suspension over customer verification, unregistered partner issues

Crypto exchange Coinone was fined 5.2 billion won ($3.49 million) and faces a three-month partial business suspension over lapses in customer verification obligations and transactions with unregistered partners. The Financial Intelligence Unit (FIU), under the Financial Services Commission, Korea's anti-money laundering agency, said Coinone failed to comply with its obligations to verify users' identities in about 70,000 cases. 

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The crypto exchange has also been found to have supported some 10,000 transactions through 16 unregistered exchanges overseas. During the business suspension, new customers cannot deposit or withdraw their money for crypto trading. The FIU said Coinone's CEO will receive an official reprimand, and it will give Coinone 10 days to submit an opinion before finalizing the fine. Cryptocurrency exchanges here are required to verify customer identities through real-name accounts linked to domestic banking partners and to report transactions exceeding a specified amount.