Crypto entrepreneur trapped in UAE after 4bn-ruble fine over unlicensed exchange

08 June 2026 , 20:23

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Crypto entrepreneur trapped in UAE after 4bn-ruble fine over unlicensed exchange

Crypto entrepreneur Arut Nazaryan, convicted in the United Arab Emirates for running an unlicensed cryptocurrency exchange, may remain unable to leave the country even after completing his prison term.

According to media reports, Nazaryan has already spent five months behind bars. Prosecutors initially sought a six-year sentence, but the court handed him two years in prison. His attempts to challenge the verdict on appeal were unsuccessful.

Even after serving the sentence, Nazaryan will reportedly remain under a travel ban until he pays a fine of nearly 4 billion rubles. Under UAE law, such restrictions stay in force until financial penalties are fully repaid.

Nazaryan says he has exhausted his assets and is now selling property and vehicles to cover his debts. In 2022, he was declared bankrupt and closed his cryptocurrency exchange, Bistox, which later became central to the case against him.

Thomas Brown

Head of Investigations