Q: I had recently befriended on social media a person from Hong Kong who told me is on a visit to Dubai to help her uncle who is a veteran in crypto & crypto futures trading! During our communication, she told me her uncle & his friends have developed a strategy where they can predict the movement of prices at certain times which she regularly used to show her profits made! She encouraged me to open a Binance Ac & a Trading Ac in https://www.metatraders6.site/wap/#/ (This site had an HTTPS & secure site certified by Cloudflare Inc) thus started trading 1st with smaller & then larger amounts! I recently got doubt & tried to withdraw $3K money USDT (I have $ 15K USDT & visible in site) BUT couldn't. Now they are asking to deposit AED 23K for opening membership! I'm now sure it's fraud BUT don't know how to withdraw. I also don't know where the website is located (CloudFlare can give the details as it's a secure site BUT need to approach legally). Any help?

Q: I believe that I am a victim of a crypto scam. I met a girl on tinder on 17/06/21 and after talking, we exchanged numbers. She onboarded me to Binance using step-by-step screenshots, helping me to set up an account. She then asked me to set up an account on another platform which I now believe is a fake platform. Over a period of three months, she consistently encouraged me to deposit more and more money, and I was making huge returns. In total, I deposited around 250k USD and supposedly had returns of 850k USD. But just recently when I tried to withdraw some of this, my withdrawal was declined and customer services told me I had to pay 150k USD in tax in order to access these funds. I was very suspicious now and refused to pay. It was at this point that customer service stopped replying to me. I hope I can recoup some of the losses and this person can be brought to justice.

Q: What is the best way to recover money from a cryptocurrency exchange scam? The platform I'm using to trade cryptocurrency is based in Singapore but operated by Chinese people. I have invested 150k AED into it, coming all from my credit cards. When I wanted to withdraw money, the customer service said that I need to pay taxes on the profit amount. After paying taxes to them, they are now saying the financial intelligence department found that my account is abnormal and suspected of money laundering due to recent frequent trades and excessive txn volume. They want me to deposit 20% of my account amt (10k USD) within a week to prove that I didn't launder money, or it will be frozen and will report me to the FI dept. Can you please advise if this is legal according to the laws and regulations of Singapore? I don't have money anymore to pay them and I think it's just a scam. The platform recently had the system upgraded and changed; no license, no t&cs, no physical address, no phone number. Shall I report to the police now?

Q: Dear Lawyers, Do I need a specific license to buy and sell crypto (USDT) on Binance, especially in P2P? I had a misdemeanor case, and the judge reviewed my bank transactions, asking why there were so many incoming and outgoing transactions. I explained that I buy and sell USDT on Binance P2P. The judge then asked if I have a license to buy and sell crypto, and I said no. The case status is postponed, and the next hearing is scheduled for November 6. I hold a partner visa and have a registered project management company. Do I really need a crypto license before buying and selling USDT on Binance P2P? I've already completed many trades and am now worried that the judge might impose a hefty fine. I can't afford a lawyer right now. Please help me with this information.

Q: Hello, My bank is asking for transaction clarifications for transactions I did through Binance P2P. Those are some crypto I saved earlier, and I don't have any proof for them as they are from meme coins and very early investments.

The new law is applicable to all entities dealing with virtual assets that are set up on the mainland as well as free zones, including special development zones. However, it does not apply to the Dubai International Financial Center (DIFC), which will have its own set of rules and regulations governing all virtual assets entities registered with the DIFC.

The UAE Penal Code, like all other laws, addresses the crime of fraud in Article 399 of the UAE Federal Penal Code, which stipulates that whoever seizes, for himself or another, a movable property, or obtains a document or signature thereon, cancellation or destruction thereof or amendment thereto by fraudulent means, or by assuming a false name or capacity, where such an act leads to deception of a victim and leads him to surrender shall be punished by imprisonment or fine.

This Law promulgates the Federal Penal Code (Criminal Law) of the United Arab Emirates. Crimes and chastisement punishments shall be determined in accordance with the provisions of this Law and other penal codes.

The law defines the crimes related to money laundering, commitments and the jurisdictions of the governmental authorities, and the sanctions against perpetrators of money laundering.

The provisions of this Federal Decree-Law No. (31) of 2021 Promulgating the Crimes and Penalties Law, known as the "New UAE Penal Code", governs criminal actions in the United Arab Emirates. The New Penal Code repeals the previous UAE Penal Code (Federal Law No. (3) of 1987 Promulgating the Penal Code).