Uzbek Crypto Entrepreneur Sentenced to Two Years in UAE Over Unlicensed Exchange

Uzbek crypto entrepreneur Arut Nazaryan has been sentenced to two years in prison by a UAE court for operating an unlicensed cryptocurrency exchange, Bistox.

The court also imposed a fine of 200 million dirhams (approximately 368.6 million yuan), which is equivalent to Bistox's total trading volume.

Nazaryan had previously been detained for five months and prosecutors had sought a six-year prison sentence.

He founded Morningstar Ventures, an investment fund, and Bistox in Dubai, where he issued the BSX token.

In 2021, Bistox faced controversy after users were unable to withdraw funds, leading to accusations of fraud due to lack of registration information.