2. The circumstances favorable to the Defendant include: (a) the Defendant recognized each of the instant crimes; (b) the Defendant appears to have not been able to gain substantial benefits from each of the instant crimes; and (c) the fact that there was no past record of criminal punishment in the Republic of Korea, etc.

However, since the act of running a foreign exchange business without registration may be abused as a means to facilitate other serious crimes as well as disturbing foreign exchange transaction order, it is extremely inevitable for a strict group, and the crime of unregistered foreign exchange transactions by the defendant involved was committed in a considerably organized and wide range. In light of the period, frequency, and total size of exchange, etc., the crime is somewhat inappropriate. The court below determined the punishment against the defendant by sufficiently taking into account the circumstances favorable to the defendant mentioned above, suspended the execution of the punishment, and there is no special change in circumstances that may consider the sentencing of the defendant in the trial, and comprehensively considering all the sentencing conditions such as the defendant's age, sexual behavior, environment, family relationship, motive, and circumstances after the crime, the defendant's assertion is without merit.

3. In conclusion, the defendant's appeal is dismissed in accordance with Article 364 (4) of the Criminal Procedure Act on the grounds that the defendant's appeal is without merit. It is so decided as per Disposition.