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South Korea penalizes Coinone with a $3.5M fine for AML lapses – TON BOT

South Korea penalizes Coinone with a $3.5M fine for AML lapses

South Korean financial regulators have fined Coinone and suspended its business for three months due to anti-money laundering failures. Coinone is facing a 5.2 billion won fine for not verifying 70,000 user identities and processing transactions with unregistered foreign platforms despite warnings. This is part of a larger effort to tighten oversight of cryptocurrency exchanges in South Korea.


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