Belarusian fined $1 million for organizing a crypto exchange

Article Reading Time:
1 min.

The Supreme Judge of the Republic of Belarus rejected the appeal of a compatriot, who was fined 2,700,000 Belarusian rubles ($996,000) for organizing a digital currency exchanger.

Initially, the verdict of a large fine was handed downEconomic Court of the City of Minsk. This is only an administrative fine and no other penalties are expected for creating a cryptocurrency exchanger. However, the Belarusian “wanted a smaller fine.”

"Citizen A.in January 2021, using a Telegram account, he organized an illegal cryptocurrency exchange, which is prohibited by law, and as a result of his activities received income in the amount of 5,400,000 rubles. The citizen did not dispute the fact of illegal activity,” local law enforcement officers assure.

The organizer of the exchanger must give the state approximately half of the expected income, so the Supreme Court considered the verdict “legal and justified.”

In November it was reported that a Minsk resident triedbuy cryptocurrency for $20,000, but the supposed seller suddenly took off running. The Belarusian police soon detained the unlucky citizen and took away $19,000.