Morocco’s Casablanca Court of Appeals confirmed last week an 18-month prison sentence for a 21-year-old Frenchman for fraud and illegal use of cryptocurrency, also ordering him to compensate victims of his fraud.
The defendant was accused by a Frenchwoman and a Moroccan of defrauding them for luxury cars and watches.
Trial proceedings against the Frenchman were initiated after authorities received complaints of fraud from a Frenchwoman living in Casablanca who had sold him a Ferrari car for a bitcoin payment worth 400,000 euros.
Another person accused the man of defrauding him of three luxury watches by giving him a check that was not processed due to the account not having sufficient funds.
Also Read: Kenya To Tax Crypto Influencers, Promoters In New Tax Policy.
The court ordered the man to compensate the owner of the watches to the tune of MAD 40,000 ($4,000), in addition to paying a fine of 3.4 million euros to customs authorities.
The sentence, including compensation, has been served, according to Aghanaj. “He has one month and a few days left in prison,” the lawyer said.
The young man initially settled in Morocco for a project to create a neobank in Africa, his father claimed.
Although trading cryptocurrencies is outlawed in Morocco, the country is the fastest-growing crypto market in North Africa, with ownership of such digital assets rising steadily.
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