Uzbek Teen Detained for Cryptocurrency Exchange via Telegram

The Ministry of Internal Affairs of Uzbekistan has detained a 17-year-old resident of Bukhara for providing cryptocurrency exchange services on Telegram. This was reported by the press service of the department.

According to the investigation, over a period of seven months, the teenager conducted more than 4,000 transactions on the Binance exchange, amounting to a total of 34 billion sum ($2.6 million). He charged clients a commission for his intermediary services.

Law enforcement officials determined that a significant portion of the transferred funds originated from pension, salary, and credit cards. Consequently, they are investigating the possibility that the individual was laundering money obtained through fraudulent means.

The investigation is ongoing.

In January 2024, Uzbekistan will introduce fines and penalties for illegal cryptocurrency operations. The country also mandates registration for cryptocurrency service providers, and unlicensed trading platforms are blocked.

Authorities have already fined the Binance exchange for operating without the necessary authorization.

In June, a court detained a Tashkent resident for five days for transactions on Binance. A Notcoin player served ten days for attempting to sell earned coins.

Warnings of administrative liability were also issued to Hamster Kombat players.