French Crypto Trader Jailed After Buying Ferrari Bitcoin
French citizen Thomas Clausi bought a Ferrari illegally in Morocco using Bitcoin and was arrested in 2021.
The Casablanca Court of Appeals sentenced Clausi to 18 months in prison and a $3.7 million fine in October 2022.
Clausi's appeal against the sentence was unsuccessful, and he will spend slightly over a month in jail to complete the sentence.
Morocco banned the holding and trading of cryptocurrencies in 2017, and Clausi's case appears to send a message to would-be crypto users.
Clausi was accused of fraud by a French woman who sold him the Ferrari and a Moroccan citizen, who accused Clausi of signing a fraudulent check to buy their watches.
The court ordered Clausi to pay the watch owner 3,900 euros in addition to his prison sentence and fine.
Despite the ban, Morocco ranks 14th in the world for crypto adoption based on five factors, according to a 2022 Global Crypto Adoption Index by Chainalysis.
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