Woori Bank acquitted of violating foreign exchange laws in crypto case

Woori Bank has been acquitted in a first-instance trial on charges of violating South Korea's Foreign Exchange Transactions Act and Banking Act in connection with crypto-related overseas remittances, the Korea Economic Daily reported. The Seoul Central District Court ruled that the bank could not be considered the substantive business entity for the transactions in question and that prosecutors' application of the law represented an overly broad interpretation. The ruling is the first judicial decision in the case, which has been ongoing for approximately four years.