Fun

Moscow City Crypto Exchanges Ready to Send Cash to London, Report

News Feed - 2023-03-17 04:03:37

Moscow City Crypto Exchanges Ready to Send Cash to London, Report


An investigation into digital asset exchanges in the Russian capital has established that some of them are ready to buy digital coins and deliver paper money in the U.K. The transfer of funds does not usually involve the identification of the clients, Transparency International Russia reveals in a report. Russia-based Cryptocurrency Exchanges Swap Stablecoins for British Cash


Russian crypto exchanges that can transfer money abroad without following know-your-customer (KYC) procedures and anti-money laundering (AML) are in the focus of a study conducted by the Russian Chapter of Transparency International. The results were presented in a new report published on Wednesday.


The association’s researchers were able to identify more than 20 coin trading platforms operating from Moscow International Business Center, commonly referred to as Moscow City. Through conversations with operators, they also found that eight of them were ready to exchange U.S. dollar-pegged stablecoins for British pounds and hand over the cash to recipients in London.


The authors noted that one of them is Suex, a crypto broker blacklisted by the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) in September, 2021 for facilitating ransomware-linked transactions. They also add that a platform called Pridechange sent significant amounts of money to Garantex, another blacklisted exchange with offices in Moscow City.


The way the transfers were made was similar in all cases. First, a customer needs to send the amount in tether (USDT) to a wallet address provided by the exchange. Once the payment is confirmed, the operator would dispatch a courier, usually a Russian speaker, to a specified location in London to deliver the fiat cash on the same or the following day. Source: Transparency International Russia


U.K. anti-money laundering regulations require cryptocurrency exchanges to be registered and carry out customer due diligence checks. None of the Russian platforms ever asked to verify the identity of Transparency’s undercover representatives, despite the amounts of money exceeding 10,000 British pounds ($12,000).


During its communication with the crypto exchanges, the organization obtained the crypto addresses used for these transfers. The transaction history shows that the average monthly amount of money passing through such wallets ranges between $420,000 and $470,000. The estimate is based only on the USDT turnover while usd coin (USDC), another stablecoin, was also used.


“The results of our study suggest that at least a few shadow OTC crypto exchanges operate in the U.K. and are ready to provide cash without performing necessary KYC procedures… The full scale of this activity may be unknown, but it is obviously not insubstantial and deserves closer scrutiny,” an excerpt of the report concludes. Tags in this story British pounds, Cash, Crypto, crypto exchange, crypto exchanges, Cryptocurrencies, Cryptocurrency, Exchange, Exchanges, Garantex, Moscow, Moscow City, pounds, restrictions, Russia, russian, Sanctions, Stablecoins, Suex, transfers, Transparency, Transparency International


Do you think Russians are actively using these channels to transfer funds abroad amid financial restrictions over the Ukraine war? Share your thoughts on the subject in the comments section below. Lubomir Tassev


Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration. Founder of Crypto Exchange Bitzlato Denies US Charges EXCHANGES | 1 day ago Binance to Restrict Ukrainian Hryvnia Operations Via 2 Payment Providers EXCHANGES | 2 days ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleArbitrum Launches Native Governance Token ARB and Self-Executing DAO Governance Model Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItSEC Risks Violating Admin Procedure Act by Rejecting Spot Bitcoin ETFs, Says Grayscale


Grayscale Investments" CEO explains that the U.S. Securities and Exchange Commission (SEC) could potentially violate the Administrative Procedure Act by not approving a spot bitcoin exchange-traded fund (ETF). SEC Approving Spot Bitcoin ETF Is "a Matter of When and Not ... read more.Bitcoin ATM Operator Indicted in New York Allegedly Running Illegal Business Attracting Criminals Fed"s Bullard Wants to Raise Bank Rate to 3.5% by Year"s End, Hints at 75 Basis Point Rate Hike Economist Predicts the Fed"s Response to Inflation Will Push Crypto Higher Ethereum Foundation"s Financial Report Discloses It Holds $1.6 Billion in Assets, 80.5% Held in Ether

News Feed

Crypto Community Discusses Warfare in Ukraine, Importance of Crypto, and the Future of Bitcoin
Crypto Community Discusses Warfare in Ukraine, Importance of Crypto, and the Future of Bitcoin During the course of the early morning trading sessions on Thursday (EST), 24-hour st
Nigerian Users Tell Binance ‘Stop Scamming’ — Exchange Platform Rejects Accusation
Nigerian Users Tell Binance "Stop Scamming" — Exchange Platform Rejects Accusation Some disgruntled Nigerian users of the cryptocurrency exchange Binance have launched a campaign
Binance Shares Hot and Cold Wallet Crypto Addresses and Details About the SAFU Fund
Binance Shares Hot and Cold Wallet Crypto Addresses and Details About the SAFU Fund After disclosing the trading platform Binance would share proof-of-reserves, the exchange publis
Ethereum’s Large Consolidation Trend Points To Possible Price Explosion To $8,000
Este artículo también está disponible en español. Although Ethereum is currently up by about 46% from the starting point at the beginning of 2024, December has been under
Bitcoin Touches $18K, Crypto Asset Looks to Smash All-Time High, ETH Price Could Spike 20x
Bitcoin Touches $18K, Crypto Asset Looks to Smash All-Time High, ETH Price Could Spike 20x On Wednesday, November 18, 2020, the price of bitcoin has been coastin
BTC trades at ‘deep discount’ after halving — 5 things to know in Bitcoin this week
William Suberg14 hours agoBTC trades at ‘deep discount’ after halving — 5 things to know in Bitcoin this weekBitcoin has a new countdown after the halving as the days of a sub-$100,000 BTC price are “numbered,”
Indonesia to implement regulatory sandbox for crypto assets
Savannah Fortis13 hours agoIndonesia to implement regulatory sandbox for crypto assetsThe Indonesian financial authorities said that by the beginning of 2025, the government will implement a regulatory sandbox for crypto
Finder’s Fintech Specialists Predict XRP Jumping to $2.55 by December 2022
Finder"s Fintech Specialists Predict XRP Jumping to $2.55 by December 2022 On May 4, the product comparison platform finder․com published a ripple price prediction report th
DeFi fund, Texas apparel company sue to defend airdrop against SEC
Derek Andersen3 hours agoDeFi fund, Texas apparel company sue to defend airdrop against SECThe tokens are distributed for free and unasked for, so they’re not securities, according to the suit.3759 Total viewsListen to
Solana Faces Double Trouble: 55% Network Drop And Price Woes
Este artículo también está disponible en español. SOL, the native token of the Solana network, is one of the worst-performing cryptos in recent days. Once the darling of
$2,000 a Month: US Lawmakers Propose Basic Income for Americans to Cope With Covid-19 Economy
$2,000 a Month: US Lawmakers Propose Basic Income for Americans to Cope With Covid-19 EconomyDemocrats from the House of Representatives have introduced legislation that would pay e
Soccer Superstar Lionel Messi Gets Part of His Contract Paid in Cryptocurrency
Soccer Superstar Lionel Messi Gets Part of His Contract Paid in Cryptocurrency Lionel Messi, the Argentinian soccer superstar, has opted to receive cryptocurrenc