Bitcoin Brings Down Businessmen:

Purchasing 55 Units for 4.7 Billion Dirhams Through Intermediaries

An unprecedented economic scandal has shaken the Moroccan business community, following the arrest of a group of them for purchasing 55 units of Bitcoin at a cost exceeding 4 billion and 700 million dirhams, using intermediaries in complex purchasing operations isolated from legal frameworks.

Details of the Incident:

Reliable sources revealed to Al-Sabah newspaper that a group of intermediaries specialized in cryptocurrency mediation created and managed accounts on trading platforms through foreign servers, specifically in Europe and Asia, and that they provided their clients access to special "virtual wallets" through self-controlled passwords.

These intermediaries took full control of the accounts, including purchasing 55 units of Bitcoin and storing them, in exchange for commissions ranging from 3 to 8% of the transaction value.

Illegal Spread and Losses Threatening the Economy:

Estimates indicate that the volume of transactions in this sector has exceeded one billion dirhams in a short period.

The Foreign Exchange Office and the Ministry of Economy and Finance, which is an investment authority, had previously issued warning statements confirming that dealing in Bitcoin is illegal in Morocco, and is considered an outflow of currency from the country without a license, subject to penalties under Moroccan law.

Potential Strict Legal Consequences