Thomas Clausi, a 21 year old Moselle native, recently lost his appeal in the Casablanca Court of Appeal, keeping an 18 month jail sentence and an accompanying $3.8 million fine intact. Clausi, a self-proclaimed cryptocurrency enthusiast, was originally charged with fraud and payment with a foreign currency on Moroccan territory.
The court heard evidence from multiple people where Clausi had used Bitcoin to purchase luxurious products in the country that has strict cryptocurrency regulations. These include a Ferrari for $442,000 worth of BTC from a French woman in Casablanca, and three luxury watches from a Moroccan who accused Clausi of having scammed and defrauded him in exchange for a ‘not sufficient funds (NSF) check in the name of a third party’.
Clausi’s family insisted that he had traveled to Morocco to set up a neobank, a claim which was dismissed by the court that has ordered him to pay compensation to those he's defrauded. The penal dispositions are based on Article 456 of the Moroccan Penal Code which classifies cryptocurrency trading and cryptocurrency use as payment tools as illegal activities.
Despite these laws in place, the Moroccan government has begun to demonstrate an inclination towards creating a regulated cryptocurrency sector for its population. In January, the Central Bank of Morocco announced it was preparing a legislative framework to facilitate the deployment of cryptocurrency regulations. The bank released a statement saying it had been holding consultations with industry members to ensure that a suitable bill was drafted. It is likely, then, that Moroccan authorities will eventually become more open towards crypto transactions.
Overall, the case of Thomas Clausi highlights the dynamics of cryptocurrency regulation in an international context. Although Morocco has passed multiple laws in attempt to protect its citizens from fraud, it is also worth noting the difficulties arising from the fact that cryptocurrency transactions can be conducted in a borderless environment. As the cryptocurrency industry continues to evolve, it will be interesting to see which policies are adopted to address this ever-growing issue.
Leonardo Cox
- 2023-05-04
Cryptocurrency Fraud Case in Morocco: Thomas Clausi
Thomas Clausi, a 21 year old Moselle native, recently lost his appeal in Casablanca’s Court of Appeal, leaving an 18 month jail sentence and a $3.8 million fine intact. Learn about the dynamics of cryptocurrency regulation in an international context and what Morocco is doing to ensure the security of its citizens.
