Bistox started being unable to pay out in 2021, shut down in 2022, and now the founder has to cover a full half-billion yuan just to be able to leave—where is the users’ money?

Crypto World News reports that, according to Bits Media, Uzbek crypto businessman and blogger arut nazaryan was sentenced by a local court to 2 years in prison and fined 200 million UAE dirhams (about $54.5 million) for operating his crypto exchange bistox in the UAE without the necessary license. The fine amount is equivalent to the total trading volume on the bistox platform. After being released once he had paid the fine, nazaryan still was not allowed to leave the UAE. His lawyer attempted to appeal, but the appeal was rejected. Bistox users had complained since 2021 that they were unable to withdraw funds, and the platform closed in 2022.