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PENALTIES FOR VIRTUAL CURRENCY TRADING PLATFORMS IMPOSED IN BAHRAIN

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Staff Writer, TLR

Published on July 14, 2023, 17:41:00

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PENALTIES FOR VIRTUAL CURRENCY

Bahrain: Penalty on Unlicensed Virtual Currency Trading Platforms

According to the Head of the Financial Crimes and Money Laundering Prosecution, four expatriates were fined for operating a trading platform without license.

The Second Circuit Criminal Court ruled that the four expatriate defendants who ran a platform for trading virtual currencies and provided trading services on it, without obtaining a license from the Central Bank of Bahrain were fined.

The first and second defendants were slapped  a fine of 100,000 Dinar and 50,000 Dinar respectively.

Each of the third and fourth defendants were fined one million Dinars.

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