Bukhara resident detained over UZS 3.5bn illegal crypto trading scheme

A resident of the Bukhara region has been detained on suspicion of illegal cryptocurrency trading involving more than UZS 3.5 billion, according to the Bukhara region Internal Affairs Department.

Law enforcement officers carried out the operation in the Vobkent district as part of the nationwide campaign “Safe and Healthy Country”.

Reportedly, the suspect had been conducting “shadow” transactions with digital assets on the cryptocurrency exchange Binance since September 2024 without obtaining the required license.

Investigators say that over approximately one and a half years, the individual conducted 874 transactions using several bank cards registered in his name. The total value of these transactions reached UZS 3.546 billion, equivalent to about $292,194 at the exchange rate used in the case materials.

The investigation found that the suspect purchased stablecoins – specifically USDT – worth more than UZS 1.793 billion and later sold crypto assets valued at UZS 1.753 billion. The total turnover of USDT through his account on Binance exceeded 270,000 tokens.

Authorities have formally charged the suspect and opened a criminal case under Article 278-8, Part 3, Clause “a” of the Criminal Code, which concerns large-scale violations of legislation regulating cryptocurrency circulation.

If convicted, the suspect could face a prison sentence of between three and five years.