Azerbaijan Seizes Cryptocurrency Worth Over $21 Million in First-Ever Confiscation

A court in Azerbaijan has ordered the confiscation of cryptocurrency worth over 35 million manats (approximately $21 million USD) as part of a criminal case involving two individuals, B.Kh.R. and I.R.F.

The defendants were found guilty under Article 206-1.3 of the Criminal Code for organizing the illegal transfer of funds on an especially large scale through offsetting and other methods of mutual settlement between Azerbaijan and foreign states.

B.Kh.R. was sentenced to two years and five months of restricted freedom, while I.R.F. received a three-year sentence with the same restriction.

The court also confiscated 830 units of cryptocurrency held in an account with Binance, which had been seized during the preliminary investigation.