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Every state-changing event for Coinone: moderation decisions on community submissions, plus corrections and updates from the news pipeline. URL-based decisions are designed to carry three independent witnesses — the original source, an Internet Archive snapshot, and a Solana memo signed by our publicly-disclosed publisher key. Archive coverage is still being backfilled, so each decision below reports its own snapshot status rather than assuming one exists.

1. #1publishby system:backfill

   2026-10-30 12:25:31Z
   Score: ? → ? (no score change)
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   {"actor":"system:backfill","investigation_id":"937b3003-3f63-403c-ae6c-f785b624d88c","kind":"publish","page_slug":"coinone","published_at":"2026-10-30T12:25:31.776Z","sequence_num":1,"snapshot":{"content_type":"investigation","entity_name":"Coinone","sections":[{"content":"On April 13, 2026, South Korea's Financial Intelligence Unit (FIU) announced it had decided to fine Coinone 5.2 billion won (approximately $3.5 million) and impose a three-month partial business suspension after an on-site inspection. According to Korean-language reporting (Asiae/Yonhap), the FIU alleged Coinone violated roughly 40,000 customer due-diligence obligations and allowed about 30,000 transactions by customers whose identity verification was incomplete; some English-language outlets citing Yonhap rounded this to approximately 70,000 identity-verification failures in total. Regulators further alleged Coinone supported more than 10,000 virtual-asset transfer transactions (reported variously as 10,113 or 11,013) with 16 overseas virtual-asset operators that were not registered with South Korean authorities. The partial suspension was set to run from April 29 to July 28, 2026, barring new customers from depositing or withdrawing crypto assets for trading purposes, while existing customers would retain access. Coinone's chief executive was also to receive an official reprimand, and the company was given 10 days to submit its position before the fine amount was finalized. Coinone stated it \"takes the FIU's disciplinary decision very seriously\" and was reviewing remedial measures. This action followed a similar, larger enforcement action against rival exchange Bithumb in March 2026.","heading":"2026 FIU Fine and Business Suspension Order","severity":"high","sources":[{"credibility":2,"name":"Coinone hit with $3.5 million fine, three-month partial suspension over AML violations: reports — The Block","type":"news_article","url":"https://theblock.co/post/397206/coinone-hit-with-3-5-million-fine-three-month-partial-suspension-over-aml-violations-reports"},{"credibility":2,"name":"South Korea Coinone suspension AML fine — Cointelegraph","type":"news_article","url":"https://cointelegraph.com/news/south-korea-coinone-suspension-aml-fine"},{"credibility":2,"name":"Asiae report on FIU decision (April 13, 2026)","type":"news_article","url":"https://view.asiae.co.kr/en/article/2026041319002336943"}]},{"content":"Before the suspension's scheduled April 29, 2026 start date, Coinone filed an administrative lawsuit and an injunction request with the Seoul Administrative Court, submitted on April 27, 2026, seeking to block enforcement of the FIU's partial business suspension. According to Asiae, citing legal sources, the court's 10th Division accepted Coinone's injunction request, reported around May 29, 2026, meaning the suspension would remain on hold until 30 days after a final ruling in the underlying administrative lawsuit. The court reportedly reasoned that letting the sanction take effect before a final judgment could harm Coinone's ability to attract new customers. Similar partial or full suspensions against competitors Bithumb and Upbit were reportedly stayed by South Korean courts in comparable proceedings. As a result, as of the most recent reporting found, Coinone's new-customer deposit/withdrawal restrictions described above had not taken practical effect, even though the underlying FIU fine and findings remain part of the public record pending final adjudication.","heading":"Seoul Administrative Court Stays Enforcement of the Suspension","severity":"medium","sources":[{"credibility":2,"name":"Court Halts Coinone's 'Partial Business Suspension' Sanction — Asiae","type":"news_article","url":"https://view.asiae.co.kr/en/article/2026052917091839424"},{"credibility":3,"name":"Seoul court blocks FIU's 3-month ban on crypto exchange Coinone — Crypto Times","type":"news_article","url":"https://www.cryptotimes.io/2026/05/29/seoul-court-blocks-fius-3-month-ban-on-crypto-exchange-coinone/"},{"credibility":3,"name":"Coinone sues South Korea's FIU over business suspension penalty — Phemex","type":"news_article","url":"https://phemex.com/news/article/coinone-sues-south-koreas-fiu-over-business-suspension-penalty-76753"}]},{"content":"Coinone's former head of coin listings, identified in reporting as Jeon, was arrested in March 2023 on charges of accepting roughly 2 billion won (about $1.5 million) in bribes between 2020 and 2022 in exchange for listing tokens on the exchange, some of which were allegedly subject to price manipulation; reports indicate around 25 cryptocurrencies were implicated. A second former employee, identified as Kim, faced related charges. In September 2023, the Seoul Southern District Court sentenced Jeon to four years in prison and Kim to three years and six months, with both also fined. Two outside brokers connected to the scheme received separate prison sentences. One of the tokens allegedly tied to the bribery scheme, Furiever Coin, was linked by investigators to a murder case in Seoul, although the killing was reportedly suspected to stem from a failed investment dispute rather than the bribery scheme itself. Reports indicate the convictions were subsequently upheld on appeal, including by South Korea's Supreme Court, though the exact date of that final ruling could not be independently confirmed from available sources. Coinone's chief executive was reportedly questioned as a witness in a related investigation into a competing exchange's listing practices, but was not charged in the Coinone case.","heading":"2020–2023 Token-Listing Bribery Scandal","severity":"high","sources":[{"credibility":3,"name":"Coinone employees \"admit to facts\" in case regarding token listing bribes — web3isgoinggreat.com","type":"news_article","url":"https://www.web3isgoinggreat.com/single/coinone-employees-admit-to-facts-in-bribery-case"},{"credibility":2,"name":"South Korea sentences ex-Coinone bribery defendants — Forkast","type":"news_article","url":"https://forkast.news/south-korea-sentences-ex-coinone-bribery/"},{"credibility":3,"name":"The sinister side of crypto: unravelling Coinone executives' million-dollar bribery and murder case — Benzinga","type":"news_article","url":"https://benzinga.com/markets/cryptocurrency/23/05/32594499/the-sinister-side-of-crypto-unravelling-coinone-executives-million-dollar-bribery-and-murd"}]},{"content":"In 2018, an attacker used a Dutch VPN connection to log into a Coinone customer's account with a correctly entered password and Google Authenticator one-time code, then withdrew funds above the exchange's daily withdrawal limit. The customer sued, arguing Coinone had inadequate safeguards, including a failure to block suspicious foreign IP access. According to reports published in October 2019, a South Korean court held Coinone partially liable, ordering it to pay compensation of roughly $20,000, corresponding to the portion of withdrawals that exceeded its stated daily limit; the court did not find Coinone liable for the account takeover itself, rejecting the argument that it should have blocked overseas IP addresses. Reporting described the ruling as one of the first in South Korea to hold a crypto exchange partially liable for customer losses from a hack.","heading":"2018 Hack and 2019 Compensation Ruling","severity":"medium","sources":[{"credibility":2,"name":"Korean Crypto Exchange Coinone Ordered to Compensate Customer Who Lost Funds in Hack — Crowdfund Insider","type":"news_article","url":"https://www.crowdfundinsider.com/2019/10/152284-korean-crypto-exchange-coinone-ordered-to-compensate-customer-who-lost-funds-in-hack/"},{"credibility":2,"name":"Coinone ordered to compensate customer who lost money in a hack — Fintech Global","type":"news_article","url":"https://fintech.global/2019/10/02/coinone-ordered-to-compensate-customers-who-lost-money-in-a-hack/"}]},{"content":"Coinone was founded in 2014 by Cha Myunghun, initially under the name Devign Lab, and has operated the Coinone exchange since that year. Gaming company Com2uS Holdings became a major shareholder starting around 2021–2022 and has since adjusted its stake several times. In May 2026, following the FIU enforcement action, reports indicated that OKX Ventures (the investment arm of global exchange OKX) and Korea Investment & Securities each agreed to acquire roughly 19.6% stakes in Coinone for about $53 million apiece (a combined approximately $106 million), through a mix of new share issuance and shares sold by the CEO and Com2uS Holdings, making both new investors joint third-largest shareholders. This ownership change is noted here as relevant background and is not itself an allegation of wrongdoing; it occurred in the same period as the FIU sanctions and court litigation described above.","heading":"Ownership Structure and Recent Capital Changes","severity":"low","sources":[{"credibility":2,"name":"OKX set to acquire 20% stake in South Korean crypto exchange Coinone: report — The Block","type":"news_article","url":"https://www.theblock.co/post/401431/okx-coinone-acquisition"},{"credibility":2,"name":"OKX confirms $53 million investment to acquire 20% stake in Coinone crypto exchange — The Block","type":"news_article","url":"https://www.theblock.co/post/402969/okx-confirms-53-million-coinone"}]}],"sources_used":[{"credibility":2,"name":"Coinone hit with $3.5 million fine, three-month partial suspension over AML violations: reports — The Block","type":"news_article","url":"https://theblock.co/post/397206/coinone-hit-with-3-5-million-fine-three-month-partial-suspension-over-aml-violations-reports"},{"credibility":2,"name":"South Korea Coinone suspension AML fine — Cointelegraph","type":"news_article","url":"https://cointelegraph.com/news/south-korea-coinone-suspension-aml-fine"},{"credibility":2,"name":"South Korea fines Coinone $3.5M, suspends services over AML lapses — Invezz","type":"news_article","url":"https://invezz.com/au/news/2026/04/14/south-korea-fines-coinone-dollar35m-suspends-services-over-aml-lapses/"},{"credibility":2,"name":"Asiae report on FIU decision (April 13, 2026)","type":"news_article","url":"https://view.asiae.co.kr/en/article/2026041319002336943"},{"credibility":2,"name":"Court Halts Coinone's 'Partial Business Suspension' Sanction — Asiae","type":"news_article","url":"https://view.asiae.co.kr/en/article/2026052917091839424"},{"credibility":3,"name":"Seoul court blocks FIU's 3-month ban on crypto exchange Coinone — Crypto Times","type":"news_article","url":"https://www.cryptotimes.io/2026/05/29/seoul-court-blocks-fius-3-month-ban-on-crypto-exchange-coinone/"},{"credibility":3,"name":"Coinone sues South Korea's FIU over business suspension penalty — Phemex","type":"news_article","url":"https://phemex.com/news/article/coinone-sues-south-koreas-fiu-over-business-suspension-penalty-76753"},{"credibility":3,"name":"Coinone employees \"admit to facts\" in case regarding token listing bribes — web3isgoinggreat.com","type":"news_article","url":"https://www.web3isgoinggreat.com/single/coinone-employees-admit-to-facts-in-bribery-case"},{"credibility":2,"name":"South Korea sentences ex-Coinone bribery defendants — Forkast","type":"news_article","url":"https://forkast.news/south-korea-sentences-ex-coinone-bribery/"},{"credibility":2,"name":"South Korea arrests former Coinone exchange official for alleged crypto-listing bribery — Forkast","type":"news_article","url":"https://forkast.news/south-korea-coinone-listing-bribery/"},{"credibility":3,"name":"The sinister side of crypto: unravelling Coinone executives' million-dollar bribery and murder case — Benzinga","type":"news_article","url":"https://benzinga.com/markets/cryptocurrency/23/05/32594499/the-sinister-side-of-crypto-unravelling-coinone-executives-million-dollar-bribery-and-murd"},{"credibility":2,"name":"Korean Crypto Exchange Coinone Ordered to Compensate Customer Who Lost Funds in Hack — Crowdfund Insider","type":"news_article","url":"https://www.crowdfundinsider.com/2019/10/152284-korean-crypto-exchange-coinone-ordered-to-compensate-customer-who-lost-funds-in-hack/"},{"credibility":2,"name":"Coinone ordered to compensate customer who lost money in a hack — Fintech Global","type":"news_article","url":"https://fintech.global/2019/10/02/coinone-ordered-to-compensate-customers-who-lost-money-in-a-hack/"},{"credibility":2,"name":"OKX set to acquire 20% stake in South Korean crypto exchange Coinone: report — The Block","type":"news_article","url":"https://www.theblock.co/post/401431/okx-coinone-acquisition"},{"credibility":2,"name":"OKX confirms $53 million investment to acquire 20% stake in Coinone crypto exchange — The Block","type":"news_article","url":"https://www.theblock.co/post/402969/okx-confirms-53-million-coinone"}],"summary":"Coinone is a South Korean cryptocurrency exchange founded in 2014, ranked among the country's largest licensed trading venues. In April 2026, South Korea's Financial Intelligence Unit (FIU) fined Coinone 5.2 billion won (about $3.5 million) and ordered a three-month partial business suspension over alleged anti-money-laundering and identity-verification failures, though a Seoul court later stayed enforcement of the suspension pending litigation. The exchange has also been the subject of a 2023 criminal case in which former listing executives were convicted of taking bribes to list tokens, and a 2019 court ruling that held it partially liable for customer losses in a 2018 hacking incident.","timeline":[{"date":"2014","event":"Coinone founded (initially as Devign Lab) by Cha Myunghun; Coinone exchange launched.","source":"Bizhankook / company profile reporting","source_url":"https://en.bizhankook.com/articles/32279.html"},{"date":"2019-10","event":"A South Korean court ordered Coinone to pay partial compensation to a customer whose account was drained in a 2018 hack, in one of the country's first rulings holding an exchange partially liable for hack losses.","source":"Crowdfund Insider / Fintech Global","source_url":"https://www.crowdfundinsider.com/2019/10/152284-korean-crypto-exchange-coinone-ordered-to-compensate-customer-who-lost-funds-in-hack/"},{"date":"2023-03","event":"Former Coinone listing director arrested on bribery and breach-of-trust charges over alleged payments to list tokens.","source":"Forkast News","source_url":"https://forkast.news/south-korea-coinone-listing-bribery/"},{"date":"2023-09","event":"Seoul Southern District Court sentenced the former listing director to four years in prison and a second former employee to three years and six months for taking bribes tied to token listings.","source":"Forkast News","source_url":"https://forkast.news/south-korea-sentences-ex-coinone-bribery/"},{"date":"2026-04","date_evidence":"On April 13, the Financial Intelligence Unit (FIU) ... The period of partial business suspension will run from April 29 to July 28.","date_original":"2026-04-13","event":"South Korea's FIU announced a 5.2 billion won ($3.5 million) fine against Coinone and a three-month partial business suspension (scheduled April 29–July 28, 2026) over alleged AML/KYC failures and dealings with 16 unregistered overseas exchanges.","source":"Asiae","source_url":"https://view.asiae.co.kr/en/article/2026041319002336943"},{"date":"2026-04","date_evidence":"filed an administrative lawsuit and an injunction for suspension on April 27","date_original":"2026-04-27","event":"Coinone filed an administrative lawsuit and an injunction request with the Seoul Administrative Court seeking to block enforcement of the FIU's suspension order before it was due to begin.","source":"Asiae","source_url":"https://view.asiae.co.kr/en/article/2026052917091839424"},{"date":"2026-05","date_evidence":"legal sources on the 29th","date_original":"2026-05-29","event":"The Seoul Administrative Court accepted Coinone's injunction request, staying enforcement of the partial business suspension until 30 days after a final ruling in the underlying lawsuit.","source":"Asiae","source_url":"https://view.asiae.co.kr/en/article/2026052917091839424"},{"date":"2026-05","event":"OKX Ventures and Korea Investment & Securities each agreed to acquire roughly 19.6% stakes in Coinone for a combined approximately $106 million.","source":"The Block","source_url":"https://www.theblock.co/post/401431/okx-coinone-acquisition"}]},"v":1}

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