South Korean Court Sentences Man to One Year for Illegal Virtual Asset Cash-Out Service

A Chuncheon District Court judge sentenced a 34-year-old man to one year in prison for violating the Act on Reporting and Using Specified Financial Transaction Information. According to Foresight News, the man operated a virtual asset cash-out channel on Telegram from January to June this year, recruited clients, and carried out 152 transactions. He received a total of about 2.287 million USDT from customers and delivered equivalent cash in person after deducting a 2% to 5% fee. The court said the activity amounted to illegal virtual asset business operations that were not reported to South Korean financial authorities.