A defendant shall be punished by imprisonment for one year and a fine of fifty thousand won.

When the defendant does not pay the above fine.

Punishment of the crime

Any person who intends to engage in foreign exchange business, such as payment, collection, receipt, etc. between the Republic of Korea and a foreign country, shall prepare sufficient capital, facilities, and experts in foreign exchange business and register in advance with the Minister of Finance and Economy.

On January 2017, the Defendant, at the Defendant Company G operated by the Seocho-gu Seoul Metropolitan Government, conspired with H (Korean name) and the names in collusion with those who are in a foreign exchange business without registering the foreign exchange business, and conspired with H (Korean name) and the names in collusion with them to conduct the exchange business using virtual currency (cding currency) which is either impossible or difficult to track the parties to the transaction, and to exchange the foreign currency with foreign currency or exchange the foreign currency into foreign currency, and conspired with the Defendant to participate in the exchange business using virtual currency (cding currency).

Defendant: (a) on January 3, 2017, upon receipt of a request from the clients prior to the exchange in China, exchanged KRW 1,472,00 in Korean won to the Chinese bank account; (b) purchased bitco in Chinese currency equivalent to KRW 1,472,00 in Chinese exchange; and (c) sent the bitco to the Defendant; (d) transferred bitco to the domestic account designated by H to December 28, 2017; and (e) transferred the bitco to the domestic account designated by H; and (e) transferred 18,769,90,000 won to the bitco in foreign currency from 0.0 to 0.0,000 to 10,000 won in Korean exchange; and (e) purchased bitco in foreign currency from 1,472,000 to 10,000 won in Korean exchange; and (e) purchased bitco in foreign currency from 0,017 to 10,000.0.