Uzbekistani crypto entrepreneur and blogger Arut Nazaryan was sentenced to two years in prison and fined 200 million UAE dirhams (approximately $54.5 million) by a local court for operating his crypto exchange, Bistox, in the UAE without the required licenses. According to reports, the fine amount equals the total trading volume on the Bistox platform; Nazaryan remains prohibited from leaving the UAE until the fine is paid, even after his release. His lawyer attempted to appeal the ruling, but the appeal was denied. It is reported that Bistox users began complaining about withdrawal issues as early as 2021, and the platform shut down in 2022. (Bits media) https://t.co/FsDCtQf01K
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