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The South Korean exchange Coinone has been partially suspended for 3 months and fined approximately 3.56 million USD for violating anti-money laundering obligations

According to South Korean media Edaily, the Financial Intelligence Unit (FIU) of South Korea has determined that the cryptocurrency exchange Coinone violated obligations related to the Specific Financial Information Act after completing an on-site inspection. It decided to impose a partial business suspension for 3 months and a fine of approximately $3.56 million (5.2 billion won), with the suspension period from April 29 to July 28. During the suspension, new customers are restricted from external transfers of virtual assets (deposits and withdrawals), while existing customers can continue trading normally. In addition, the FIU issued a "warning reprimand" to Coinone's CEO, Cha Myung-hoon.The FIU stated that Coinone assisted 16 unregistered overseas virtual asset businesses in completing 10,113 asset transfer transactions in violation of regulations and failed to cooperate after regulatory authorities repeatedly requested to stop related transactions; there were approximately 40,000 violations in customer identity verification, including accepting documents that could not be verified for authenticity and reviewing customer address information that was incomplete; there were about 30,000 violations of trading restriction obligations, involving allowing transactions for users whose identity verification had not yet been completed. Coinone stated that it takes this sanction seriously and is advancing rectification, and whether to file an administrative lawsuit will be decided after careful consideration by the board of directors.

On-chain private credit startup Valinor has completed a $25 million seed round financing, led by Castle Island Ventures

According to Fortune, Valinor, a blockchain private credit startup co-founded by former Blackstone employees, announced the completion of a $25 million seed round financing. This round was led by Castle Island Ventures, with participation from the crypto division of Susquehanna, Maven11, and the founder of TeraWulf, a Bitcoin mining company transitioning to artificial intelligence.Valinor's core business is to put the private credit process on-chain. Traditional private credit institutions rely on manual verification and spreadsheet collaboration when handling revolving credit lines and other businesses. Valinor plans to replace these processes with smart contracts to achieve automated routing of funds and condition-triggered execution.Both co-founders have traditional finance backgrounds, having worked in banks and the private credit division of Blackstone before transitioning to the crypto industry in 2022. Initially, Valinor focuses on providing loans to crypto companies, and later plans to introduce blockchain technology into the loan process to enhance efficiency. Currently, the company has completed lending for several fintech and crypto companies through blockchain technology.The funds raised in this round will be used to expand the loan scale, broaden the customer base, and increase team personnel, with the current number of employees at 6.
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