The defendant's appeal is dismissed.

1. The summary of the grounds for appeal is too unreasonable that the sentence imposed by the lower court on the Defendant (the penalty amounting to KRW 50 million).

2. The judgment that the defendant recognized the crime of this case and reflects it, and that the defendant seems to have not gained substantial benefits from the crime of this case, is favorable to the defendant.

However, it is inevitable to punish an act of unregistered foreign exchange business because it can be abused as a means to facilitate other serious crimes as well as disturbing foreign exchange transaction order.

In fact, the money exchange crime of the defendant was used as a means to deprive the defrauded of the fraud crime.

Although the Defendant was sentenced to a fine of KRW 10 million for the same kind of crime, he again committed the instant crime. In full view of all the sentencing conditions, including the Defendant’s age, sex, environment, family relationship, motive, and circumstances after the commission of the crime, the lower court’s punishment is too unreasonable, and thus, 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.