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.
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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.
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.