Horizons & Co secures acquittal in AED 200 million cryptocurrency appeal

Horizons & Co has secured the acquittal of a client before the Dubai Court of Appeal in a criminal matter concerning approximately AED 200 million in virtual assets.

Dubai, UAE, 21 October 2026: The Court overturned the first instance conviction in full, setting aside a custodial sentence and deportation order. The case involved cryptocurrency transactions conducted through international trading platforms, multiple digital wallets and layered corporate structures, with parties connected to four jurisdictions.

The defence centred on establishing who exercised actual control over the disputed assets. The team traced the movement of digital assets across wallets and exchanges, reviewed telecommunications records and electronic communications, and worked directly with international exchanges to verify the relevant transactions. Specialist digital forensic experts prepared a technical report supported by blockchain transaction analysis. The findings of the technical expert appointed by the UAE Ministry of Interior did not establish that the client controlled the relevant wallets or misappropriated the assets.

Horizons & Co also coordinated with international law firms in three jurisdictions to examine the corporate structures involved, verify the standing of the relevant parties and obtain evidence for the proceedings.

The judgment confirms that an investment relationship, or participation in cryptocurrency transactions, does not in itself establish criminal liability. Each element of the offence must be proven by credible and reliable evidence. The decision also reflects the growing technical capability of the UAE courts and the Ministry of Interior's forensic specialists in virtual asset matters.

“Criminal liability in virtual asset cases must rest on evidence of control, not proximity to a transaction. This judgment shows the UAE courts will test the technical record closely before reaching that conclusion.”
Ali Al Zarooni, Managing Partner