A group accused of illegally transferring $4.2 million in foreign currency to exploit price differences in cryptocurrency exchanges has been acquitted by the Seoul Central District Court. The defendants, including 14 individuals, were alleged to have collected funds from 256 people and transferred a substantial amount overseas through nine banks. They purportedly utilized a paper company as a front to facilitate these transfers, buying cryptocurrencies abroad to sell at a premium on South Korean exchanges. Despite prosecution claims of violating exchange laws and financial regulations, the court ruled that their actions did not constitute foreign exchange business as defined by the law. Additionally, the court found that the defendants were not engaged in a virtual asset business, but rather were involved in large-scale trading on exchanges, leading to the dismissal of related charges under the Specific Financial Information Act.

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