Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesCopyBotsEarn
The number of Russian-language crypto exchangers has grown to record levels in 4 years

The number of Russian-language crypto exchangers has grown to record levels in 4 years

HappyCoinNewsHappyCoinNews2025/02/21 14:22
By:HappyCoinNews

Chainalysis calculated that in 2024, the number of Russian-language crypto exchanges without verification procedures (KYC) reached its maximum value in four years, although their overall turnover is declining.

Analysts reported that Russia has entered the list of the largest cryptocurrency markets, and Russian banks have stepped up their efforts to create mechanisms for foreign trade settlements in cryptocurrencies in order to circumvent sanctions.

In addition, experts noted that in 2024, foreign regulators stepped up measures against cryptocurrency services that, according to them, bypass sanctions restrictions. For example, during Operation Final Exchange, German authorities blocked the websites of 47 Russian-language crypto exchangers that operated without a customer verification procedure (KYC).

In addition, several Russian-language platforms accused of serving sanctioned companies or cybercriminals were sanctioned.

In their report, the analysts indicated that the total volume of cryptocurrency transactions with sanctioned entities, including Russia, Iran and crypto mixers like Tornado Cash, amounted to 2024% of all transactions in 39, with a volume of $15,8 billion.

As economic pressure mounts, sanctioned states are increasingly turning to crypto assets to support trade and access to capital, experts say.

EN @happycoinnews
EN @happycoinnews_en
0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!

You may also like

New spot margin trading pair — S/USDT!

Bitget Announcement2025/02/22 05:20

Will Ethereum Bulls Guide ETH to a Surprising 23% Price Surge?

Analyzing Potential Market Trends for a Significant Ethereum Price Jump

Coineagle2025/02/22 04:55

Exploring the Diminishing Crypto Speculation Amidst Slump in Futures Open Interest

Exploring the Decline in Open Interest and Reduced Market Enthusiasm for Major Cryptocurrencies and Memecoins

Coineagle2025/02/22 04:55