Morocco Cracks Down on 1xBet App Amid Illegal Currency Outflow Scandal

The noose is tightening around the sports betting application 1xBet. The Exchange Office is preparing to launch a large-scale investigation into massive fund transfers made from Morocco to accounts linked to the Russian company.

At the heart of the case: the use of cryptocurrencies prohibited in the kingdom, such as USDT or Bitcoin, which allow slipping through the net. This investigation was triggered after the discovery of illicit transactions already exceeding 7.2 million dirhams, pushing Moroccan authorities to attempt to identify all the financial circuits and bettors involved.

The investigation, which mobilizes several institutions including Bank Al-Maghrib and the Moroccan Capital Market Authority, suggests that the affair could be just the tip of the iceberg. Beyond betting, suspicions focus on the use of 1xBet to facilitate the circulation of illicit funds, exploiting regulatory loopholes. Testimonies from users complaining about not being able to withdraw their winnings reinforce the hypothesis of an opaque system whose purposes remain to be clarified.

Faced with this situation, the government has reacted firmly. Fouzi Lekjaa, Deputy Minister in charge of the Budget, accuses the Russian company of siphoning billions of dirhams in foreign currency through methods he describes as "irregular". He puts into perspective the extent of the damage to public finances by recalling that national companies in the sector, which operate legally, pay about 2.5 billion dirhams in taxes each year. A tax windfall that completely escapes the State in the case of the Russian platform.

A draft law regulating cryptocurrencies is nevertheless "ready", as announced at the end of 2023 by the wali of Bank Al-Maghrib, Abdellatif Jouahri. He had then stated that "the legal text is now available, and its implementing texts are being prepared", future legislation that aims precisely to better control these new financial flows.