After the recent ruling by the region court in Russia, 17 crypto exchanges are in deep trouble. It is because the information that is available on their site has been deemed illegal. And because of this, the government can restrict access to these exchanges. This will completely ruin the businesses of these platforms. The best course of action for the exchanges here is to delete everything that has been deemed illegal by the court.
The issue with these platforms
A lot of websites in Russia are giving options to exchange, cash out, and transfer crypto using various payment methods. This is why the telecom regulator in the country might be asked to block them. It has also been confirmed by the Russian Federation that the information circulated on these sites is banned under the current law. All these platforms are also offering users access to all the features without needing to register with their info.
This is a big problem as anyone can launder money or evade taxes as there are no restrictions in transferring crypto from these platforms. This is why many nations are making it mandatory for crypto exchanges to follow know your customer policy. The policy can reduce the number of illegal activities happening in the space drastically.
The Russian authorities have been vigilant about crypto
A lot of crypto exchanges and sites are being targeted in the country due to their questionable content according to the government. One of the popular sites Bestexchange.ru has been banned several times in the country. But the access was eventually restored. The authorities add exchanges to their banned list if they find anything wrong with these platforms.
The Russian government is also not very receptive to crypto. After El Salvador adopted Bitcoin as a legal tender they made it clear they won’t do anything as such because they can’t see any benefit. But on the other hand, the citizens of the country have adopted crypto quite well. In fact, they prefer crypto over traditional investments much more than other nations.
What are your thoughts on the recent court ruling that put exchanges in Russia in deep trouble? And do you think they will figure a way out of this? Let us know in the comments below. Also, if you found our content informative do like and share it with your friends.