Moroccan authorities are taking a strong stand against crypto crime, recently arresting five individuals suspected of running a phishing scam.
Cybercrime, crypto crime
Five suspects, aged between 24 and 48, were allegedly involved in a scheme that targeted foreign citizens through phishing emails.
These emails were designed to trick victims into giving away their crypto wallet information, allowing the scammers to drain their funds.
The police also seized some cash linked to the scam and mobile devices used in the operation.
The arrests came after authorities received a complaint via international law enforcement channels, highlighting the collaborative effort to tackle cybercrime.
Regulatory changes
This crackdown coincides with comments from Morocco’s central bank governor, Abdellatif Jouahri, who discussed ongoing efforts to create a new regulatory framework for cryptocurrencies.
Bank Al-Maghrib has drafted a law to regulate crypto assets, with support from the World Bank, and the draft is currently in the adoption process.
Before diving into regulations, Moroccan authorities had previously issued warnings against using or trading cryptocurrencies, but despite these warnings, many Moroccans have continued to engage with crypto.
A 2022 report from Chainalysis even ranked Morocco among the top five countries for year-over-year cryptocurrency transaction volumes.
Banhammer
Moroccan authorities are clearly not letting up on enforcement. In May 2023, a French trader was jailed for allegedly using Bitcoin to purchase a Ferrari.
The five suspects in this new case are now being held as part of an ongoing investigation led by the public prosecutor’s office.
The aim is to uncover all individuals involved in this criminal network and ensure that justice is served.
As Morocco navigates its relationship with cryptocurrencies and the crypto industry, balancing regulation and enforcement, it’s pretty clear that the government is serious about cracking down on illicit activities while exploring the possibilities of how to integrate digital currencies into its economy.
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