Illegal Crypto Trading leads to a $1M fine for Belarusian Citizen

Sahana Kiran
Source – Unsplash

Scammers continue to carry out their operations despite the condition of the crypto market. Yet, a Belarusian citizen has been slapped with a hefty fine of nearly $1 million for illegally trading crypto.

A man whose identity was kept under wraps and was known as “A” was accused of running an online crypto exchange. Back in January 2021, the man reportedly set this up through Telegram. Through this platform, he made an astounding 5,400,000 rubles.

Investigators were able to track his transactions, as stated in a post from the Belarusian Ministry of Taxes and Duties. The obtained information was presented to the court and the Economic Court of Minsk levied the penalty. The accused individual urged the court to reduce his fine. After which he filed a complaint with the high court.

This was soon dismissed. An appeal by the individual against a decision from a lower court requiring him to pay the state $1 million in reparations for illegally trading digital assets was denied by the Supreme Court of the Republic of Belarus. Given that the court might have required him to forfeit the entire sum, the department feels the decision to take half of his profits was justified.

Additionally, the Belarusian citizen only asked for this reduction and did not contest the accusations against him.

Belarus and Crypto

The country’s stance on crypto has been quite clear. The country legalized the trading and mining of crypto back in 2018. However, unregistered firms continue to face the wrath of the country’s regulators.

Throughout 2022, the country seized an increased number of crypto. In May, Dmitry Gora, the head of the nation’s Investigative Committee revealed that the Belarus government seized hundreds of millions of dollars in crypto.

More recently, in September 2022, President Alexander Lukashenko’s personal data was in trouble. The passport information allegedly fell into the hands of Belarusian hackers, who employed the same to create an NFT.