Coinone
Coinone is one of the largest cryptocurrency exchanges in South Korea, primarily serving clients in Asian territories. Founded in 2014 by CEO Myunghun Cha (also known as Chan Myung Hun), a "white hat" hacker with a decade of cybersecurity experience, Coinone was created with the objective of establishing a user-friendly cryptocurrency exchange in South Korea. Initially focused solely on Bitcoin, the platform has since expanded to support over 200 digital assets. [1][2][11]
History
2026
- Received sanctions from South Korea's Financial Intelligence Unit (FIU) for anti-money laundering (AML) violations, including a 5.2 billion won fine and a three-month partial business suspension for new users from April 29 to July 28, 2026. [12][13]
- Engaged with representatives from Tether and Circle's CEO Jeremy Allaire during their visits to South Korea to discuss the industry. [14]
2025
- Won an appeal in the Seoul Western District Court in a case involving customers who had executed double-withdrawals during a period of network congestion in late 2017 and early 2018. [15]
2023
- A former executive of the exchange acknowledged charges of accepting approximately 2 billion won in bribes in exchange for listing certain cryptocurrencies. [16]
2022
- Conducted a financial reserve audit with the accounting firm DongHaeng on October 21, 2022. [11]
- Relocated to Yeouido Park One Tower 1 Headquarters
- Established Coinone User Protection Department
- Signed MOU with POSTECH for joint research and development in Crypto-Blockchain Technology
2021
- Reported financial services to Financial Information Analysis Institute (FIU) under the Financial Services Commission
- Established an AML Center
- Launched joint venture CODE (COnnect Digital Exchanges) for Travel Rule
- Processed transparent disclosure of trade support and trade termination
- Signed a strategic investment agreement with Gamevil (now Com2uS Holdings)
- Passed the ISMS certification post-assessment.
2020
- Launched cryptocurrency easy purchase service
- Completed AML solution establishment
2019
- Partnered with Xangle and CertiK for disclosure and project auditing
- Released the PASS App
- Introduced the next-generation trading engine 'Coinone Core'
- Achieved ISO27001 certification
2018
- Obtained Information Security Management System (ISMS) Certification
- Launched Coinone Mobile App 2.0
- Opened Coinone Node, a virtual asset node profit sharing service
- First global virtual asset exchange listed in Bloomberg Terminal Research Report
- Launched Coinone Core, a next-generation engine solution
- Coinone Transfer acquired license for small-scale overseas remittance service
- Established specialized research center for virtual assets
- Became the first domestic cryptocurrency exchange to expand overseas, establishing a corporation in Indonesia
- Signed sponsorship Agreement with Nexen Gold
- Partnered with NH Nonghyup Bank for Real-name Account Integration
2017
- Launch of global community service project “Coinone Give”
- Launch of the world’s first blockchain 4D zone “Coinone Blocks”
- The first domestic exchange signing a cyber indemnity insurance contract
- Signed sponsorship agreement with Gangwon FC
- Achieved second place in the global virtual asset exchange rankings
- Launched Ripple exchange service
- Achieved 9th Place in the Global Virtual Asset Exchange Rankings and 2nd Place in Global Ethereum Trading Volume
2016
- Started deposits operations with Daishin Securities
- Started overseas remittance service with Cross Blockchain
- Collaborated with Sogang University LINC Business Division Blockchain Research and Development
- MOU with Daishin Securities
- First Korean exchange supporting Ethereum operations
- Collaborated with KICC on Research and Development of Bitcoin Payment System
- Changed corporate name to Coinone
2015
- Launched Bitcoin Overseas Purchase Center
- Received investment from DAYLI Financial Group
- Participated in BeGlobal Seoul 2015 Bitcoin Payment Solution
- Introduced Coinone Multi-Signature Wallet
2014
- Launched Bitcoin exchange operations
- Received investment from Kakao Ventures (formerly K Cube Ventures)
- Established and incorporated as Coinone Inc
Overview
Users have the option to exchange various currencies to Korean Won (KRW) using Bitcoin or other cryptocurrencies as an intermediary. The exchange has withdrawal limits in place, with a maximum of 100 million KRW per account, and a transactional limit of 20 million KRW. [4]
Security
The exchange prioritizes security, employing measures such as two-factor authentication (2FA), multi-signature wallets, and mandatory ID verification for users. The platform's security framework was developed by CEO Myunghun Cha, a noted cybersecurity expert. [11]
Fees
Coinone has a fee structure that includes a flat 0.2% trading fee for its main market. Maker fees can range from 0% to 0.1%, while taker fees range from 0.02% to 0.1%. Deposits are free of charge, but withdrawals incur fees, such as 1,000 KRW for fiat and a network-dependent fee for cryptocurrencies (e.g., 0.0015 BTC for Bitcoin withdrawals). [11]
Coinone Plus
Coinone Plus is a service that allows Coinone members to delegate their coins to participate indirectly in blockchain business operations. [5]
The reward criteria is based on the following:
- Lockup is a feature designed to temporarily secure virtual assets, offering special incentives upon the conclusion of the lockup period.
- Daily is a service that provides rewards simply for holding virtual assets. It allows for transactions and withdrawals without any constraints even while participating in the Daily program.
- Steaking is a service enabling users to directly delegate virtual assets to the blockchain steak system, resulting in substantial rewards.
The earnings generated from running Coinone Plus, after deducting operational expenses, are distributed among the members. The distribution is determined based on the proportion of the held virtual asset, typically ranging from 80% to 90% of the overall compensation. [5]
Coinone Blocks
Launched in 2017, Coinone Blocks was a physical branch that enabled offline cryptocurrencies exchanges. It offered a wide range of services, including face-to-face consulting on cryptocurrency trading. Coinone Blocks stopped operations in July 2019. [6]
Coinone Give
Coinone Donate (Coingone Give) is a social contribution project. The first contribution was made to support Code to Inspire (CTI). Founded in 2015, CTI aims to empower Afghan women by providing coding education, thereby improving their social status at a fundamental level. [7]
The first official sponsorship project was Web1, an educational coding project. [7]
CODE
Coinone is part of CODE (COnnect Digital Exchanges), a joint of the Korean exchanges Coinone, Bithumb and Korbit established with the aim of creating an anti-money laundering system to comply with the travel rule by the Financial Action Task Force (FATF), an international organization based in Paris that establishes standards to prevent the illegal movement of funds. [9][10]
Legal Issues
Regulatory Scrutiny and Sanctions (2026)
On April 13, 2026, South Korea’s Financial Intelligence Unit (FIU) imposed significant sanctions on Coinone for systemic violations of Anti-Money Laundering (AML) regulations. The penalties included a fine of 5.2 billion won (approximately $3.5 million) and a three-month partial business suspension effective from April 29 to July 28, 2026. During this period, new customers are prohibited from depositing or withdrawing funds for trading. The FIU's inspection found approximately 70,000 cases of improper user identity verification and over 10,000 transactions connected to 16 unregistered overseas exchanges. Coinone's CEO also received an official warning. [12][13]
Double-Withdrawal Lawsuit Victory (2025)
On July 3, 2025, Coinone won an appeal in the Seoul Western District Court against five customers. The case stemmed from a period of Bitcoin network congestion in late 2017 and early 2018 when the exchange's software incorrectly processed withdrawals. It identified slow network confirmations as failed transactions and automatically refunded users' accounts after the withdrawals had already been completed, allowing them to withdraw the same funds a second time. The court ruled that the customers had benefited from "unjust enrichment" due to an external network delay and ordered them to repay the funds. [15]
Token Listing Bribery Incident (2023)
In May 2023, a former Coinone executive, identified as Mr. Jeon, and a broker acknowledged bribery charges in a South Korean court. Mr. Jeon, the exchange's former Director of Listing, was accused of accepting approximately 2 billion won ($1.51 million) in exchange for listing specific cryptocurrencies, including one called "Furiever Coin." The scandal brought scrutiny to the exchange's internal listing processes. The acknowledgment of the charges was made during a court hearing on May 25, 2023. [16]
Partnerships
Com2us Holdings
Established in 2000, Com2us Holdings is a company in the gaming industry. It has formed a strategic partnership with Coinone, aiming to collaborate on the development and application of new blockchain technology for potential business opportunities. [8]
POSTECH Research and Business Development Foundation
The POSTECH Research and Business Development Foundation is an organization dedicated to promoting industry-academic cooperation to enhance national competitiveness. It serves as a strategic partner for Coinone, actively contributing to the advancement of the crypto/blockchain ecosystem through joint research and development efforts. [8]