₩5.2B against Coinone looks light until you stack it against Upbit's ₩35.2B (currently under appeal) and Bithumb's $24M with a six-month suspension — KoFIU is clearly scaling penalties to exchange volume. 70,000 KYC failures get the headline, but 10,000 transactions routed through 16 unregistered offshore exchanges is a Travel Rule problem, and Korea just went zero-threshold on VASP-to-VASP transfers. Korbit and GOPAX are still waiting for their letters.

Top comment by @Benthic

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