Ministry of Internal Affairs: The young man accused of trading crypto assets is just a typical "virtual currency dealer."

Earlier, it was reported about the detention of a teenager by the Cybersecurity Service of the Interior Ministry of the Bukhara region in the Jondor district as part of an investigation into violations of legislation in the field of crypto assets.

The Milliy TV channel reported that the young man earned cryptocurrency worth 34 billion sums (approximately 2.64 million dollars) "without having the necessary license."

“It is no secret that there are numerous closed (anonymous) channels and groups on Telegram where individuals call for the buying and selling of cryptocurrency. In these channels, 'sellers' and 'buyers' exchange information and conduct 'virtual currency exchanges,' converting electronic money into cryptocurrency or vice versa,” emphasized Shohrukh Giyasov.

He explained that for such intermediary services, a commission ranging from 0.1% to 2% of the transferred amount is charged (the higher the level of anonymity in the transfer, the higher the commission). For these transactions, 'virtual currency traders' use special platforms like Binance, which allow for the exchange of cryptocurrency or its conversion into fiat money (dollars, euros, rubles, and other currencies).

The press secretary of the Ministry of Internal Affairs added that these platforms are user-friendly and can be utilized even by those who do not possess deep knowledge in information technology or cryptocurrency.

“Today, large fraudsters and organized criminal groups involved in drug trafficking, arms dealing, human trafficking, and child pornography primarily conduct their transactions through anonymous crypto assets. Terrorist organizations also raise funds for their financing using cryptocurrency. This is due to the fact that cryptocurrency allows for anonymous and rapid transfers of funds to any point in the world,” explained Giyasov.

He emphasized that 'virtual currency traders' can be either conscious or unconscious intermediaries in such illegal activities. “State control is necessary in this process, and adherence to all norms and rules is mandatory,” he noted.

The suspect Z. M. conducted over 4,000 suspicious intermediary operations through the Binance platform over seven months, amounting to 34 billion sums, receiving a commission for this. “It is evident that 34 billion sums is not the income of a 'talented' young man, but rather the money of other individuals that passed through the system,” stated Shohrukh Giyasov.

He also reported that an analysis of the operations revealed that most of the funds Z. M. handled came from pension, salary, and online credit cards. This raises suspicions that these actions may be an attempt to legalize and conceal the origins of funds obtained through criminal means. The investigative and judicial authorities will provide answers to these suspicions, and the presumption of innocence will be strictly upheld.

Giyasov noted that individual social media users commenting on this case should understand that such actions, which mislead the public and hinder an objective investigation, are unacceptable. He characterized them as “unprofessional” and “populist.”