In the tourist province of Koh Phangan, a Russian citizen was apprehended for unlawfully offering cryptocurrency exchange services. The arrest of 36-year-old Ibragim Gaitukiev took place at a residence on Sri Thanu Beach in the Koh Phangan subdistrict of Surat Thani province, as confirmed by Pol Maj Gen Sermphan Sirikhong, the Surat Thani provincial chief, on Friday.
Investigations traced the phone and WhatsApp contacts on the site to bank accounts belonging to Mr. Gaitukiev and another foreign national, Maksim Variukhin, according to the Surat Thani police chief.
Discoveries indicated that both individuals held positions with OM 118 Co on Koh Phangan, utilizing a residence on Sri Thanu Beach for business operations. The property was concurrently involved in operating a cannabis shop known as “Plantasia Cannabis Collective,” with a visible “Bitcoin” sign prominently displayed.
Authorities suspected the shop to be the physical site for the cryptocurrency exchange as advertised online. Permission was obtained from the Samui Provincial Court to search the shop, which was executed by a team on Thursday with the presence of Mr. Gatukiev, who claimed ownership of the establishment.
Despite the absence of illicit items during the search, promotional materials regarding cryptocurrency exchange were identified within the cannabis shop. Consequently, Mr. Gatukiev was detained for the unauthorized operation of a cryptocurrency exchange.
During interrogation, it’s alleged that both Mr. Gatukiev and Mr. Variukhin facilitated digital currency services for visitors. Mr. Gatukiev was subsequently charged and escorted to Koh Phangan police station for further legal proceedings. Specific details concerning the involvement of the other foreign national were not divulged by the authorities.
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