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No-Charge Decision in Alleged Unregistered Virtual Asset Business Case Related to Crypto Referral Activities

No-Charge Decision in Alleged Unregistered Virtual Asset Business Case Related to Crypto Referral Activities

Client Information
Individual / Suspect
 
Case Details

The client was an individual engaged in a cryptocurrency exchange referral (affiliate marketing) program when they unexpectedly became involved in a criminal investigation.

The complainant had been recruited through an investment scam group’s so-called “trading signal room” and was encouraged to participate in copy trading on an overseas cryptocurrency exchange. In the course of this process, the complainant transferred approximately KRW 80 million to the client’s account for the purpose of purchasing virtual assets.

After suffering investment losses, the complainant filed a criminal complaint alleging that the client was both a co-conspirator in an investment fraud scheme and an unregistered Virtual Asset Service Provider (VASP) in violation of the Act on Reporting and Using Specified Financial Transaction Information of Korea (the “Specified Financial Information Act”).
 

디센트 전략
1. Rebuttal of the “Commercial Activity” Requirement
Under the Specified Financial Information Act, criminal liability arises only where a person engages in the buying, selling, or exchange of virtual assets as a business. Decent demonstrated that the client did not advertise or solicit customers from an unspecified number of users, and that the transaction at issue constituted a one-time peer-to-peer (P2P) transaction rather than a continuous or repetitive profit-seeking business activity.

2. Emphasis on the Legislative Purpose of the Specified Financial Information Act
The Specified Financial Information Act is intended to prevent money laundering and the misuse of financial transactions. Decent emphasized that the client acted in line with the legislative purpose of the Act by thoroughly verifying the counterparty’s identification, providing clear notice regarding the risk of illegal funds, and taking reasonable precautions to prevent the transaction from being used for unlawful financial activities.

3. Evidence of Prior Professional Consultation and Compliance
The defense submitted materials showing that the client had carried out referral-related activities in a lawful manner, had faithfully reported and paid taxes, and had sought prior advice from professionals such as tax accountants to assess potential legal risks. These circumstances clearly demonstrated the absence of any criminal intent.

4. Proof of the Complainant’s Awareness of Investment Risk
It was further established that, even before becoming acquainted with the client, the complainant had independently invested approximately KRW 26 million in Ethereum and other virtual assets. This supported the conclusion that the complainant was aware of the inherent risks of cryptocurrency investment and undermined the attempt to characterize ordinary investment losses as fraud.
결과
"No Referral to Prosecution (No Charges Filed)"

The investigative authorities accepted the legal arguments presented by Decent’s Virtual Asset Practice Group and issued a decision of no referral to prosecution due to the absence of criminal elements.

The authorities determined that the client had in fact delivered the virtual assets corresponding to the approximately KRW 80 million received from the complainant, and that such conduct could not be characterized as unregistered commercial virtual asset business activity under the Specified Financial Information Act. The case was therefore closed.

Decent Law Firm’s Virtual Asset Practice Group provides practical legal advice grounded in a deep understanding of crypto referral structures, virtual asset transactions, exchange-related services, and investment schemes.

We assist clients in structuring activities in compliance with the Specified Financial Information Act from the outset and, where investigations arise, provide comprehensive defense strategies to effectively manage and mitigate criminal investigation risks.
#Violation of the Specified Financial Information Act # Cryptocurrency Lawyer # Virtual Asset Service Provider # Crypto Referral Lawyer # Cryptocurrency Police Investigation

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