Bukhara teen’s 34 billion soums transactions were brokerage, not income

Recent social media discussions have circulated claims that a 17-year-old boy from Bukhara independently earned 34 billion soums through cryptocurrency trading. Shohrukh Giyasov, head of the press service for the Ministry of Internal Affairs, has clarified the situation, dismissing these claims as misleading.

According to Giyasov, the teenager, identified as Z.M., was involved in basic "virtual currency trading." This activity typically involves brokers facilitating transactions between "sellers" and "buyers" on closed Telegram channels. Using platforms like Binance, individuals exchange electronic money for cryptocurrency or vice versa, earning a brokerage fee of 0.1-2% for each transaction.

Platforms like Binance are designed for ease of use, enabling even individuals without advanced technical knowledge to conduct cryptocurrency transactions. However, these systems have also been exploited by criminal organizations for activities such as drug trafficking, weapons trade, human trafficking, and other illicit enterprises.

In Z.M.'s case, over seven months, he conducted more than 4,000 transactions amounting to 34 billion soums. The Ministry clarified that this figure represents the total value of the transactions handled, not Z.M.'s income. His earnings were limited to brokerage fees.

Further analysis of the transactions revealed that much of the transferred money originated from pensions, salaries, and online credit cards. Authorities suspect that these transactions may have been attempts to launder money obtained through fraudulent means. An investigation is ongoing, with full adherence to the presumption of innocence.

Giyasov criticized social media users for spreading unverified and misleading information, which he said could obstruct the impartial investigation of the case.

"Sadly, such misleading and unprofessional populist statements are made without being aware of the case materials or legal requirements," Giyasov remarked.

Earlier, a 26-year-old man in Tashkent was detained for five days for trading cryptocurrency without proper documentation.