Two Owners of Illegal Cryptocurrency Exchange Detained in Minsk

The Investigative Committee of Belarus has concluded its investigation into two foreigners who illegally sold cryptocurrencies within the country.

According to the investigation, in the spring of 2019, a 36-year-old foreigner, who was the head of one of the largest digital asset exchange services in Russia, Armenia, Uzbekistan, Kazakhstan, Ukraine, Georgia, and the UAE, established a similar business in Belarus.

He was previously informed that such activities could only be conducted within the special economic zone of the High-Tech Park.

Together with his associate, a 38-year-old foreigner, the businessman rented an office in Minsk. They advertised their services online, communicating with clients via messengers. Buyers were required to undergo verification, specify the amount and type of cryptocurrency for exchange, and indicate their desired time to visit the office.

In March 2023, the exchange’s activities were halted by the State Control Committee.

According to their calculations, from December 2019 to January 2023, the entrepreneurs conducted over 2,000 digital currency sales transactions. Daily amounts ranged from $1,000 to $100,000, with commissions from 1% to 5%. The total income of the accused exceeded 10 million Belarusian rubles ($3 million).

The individuals have been charged with tax evasion on a particularly large scale, with damages amounting to over 1.1 million Belarusian rubles (~$336,000).

The criminal case has been forwarded to the prosecutor for submission to the court.

In August 2023, Belarusian Interior Ministry officials uncovered instances of stolen funds being exchanged for cryptocurrencies.