Arut Nazaryan unable to access frozen crypto wallets as UAE holds him for payment

Crypto businessman Arut Nazaryan will remain in the UAE indefinitely — authorities demand he pay a massive fine, but the blogger was declared bankrupt several years ago.

Convicted in the UAE, Arut Nazaryan has already spent five months in prison. Initially, he faced six years for operating a crypto exchange without a license, but the court sentenced him to two. His lawyers tried to appeal the verdict but were rejected. However, even after serving his full sentence and being released, Nazaryan will not be able to leave the country.

Under UAE law, Nazaryan will be banned from leaving until he pays a fine of nearly 4 billion rubles. The trader himself admits that he has already spent all his assets and is now selling off his property and cars to cover his debts. Back in 2022, the businessman was declared bankrupt and shuttered his exchange, Bistox, which led to his prison sentence.