Russia plans to ban 17 blacklisted crypto exchanges

The government of Russia recognizes the possible associated notorious activities related to crypto in the country. Recently they found several illegal functions, including Pyramid schemes, in which every participant brings two more investors and gets some returns from the contribution from later ones. 

The Russian government has decided to find all such illegal service provider platforms. The regional court has found that the blacklisted illegal crypto exchange platforms offer their customers many types of private crypto payments and crypto cashout. This is the signal of money laundering as the business with crypto is going on offline mode.

Russia plans to take serious actions

The list of blacklisted crypto exchanges contains 17 platforms that will soon be blocked by the Roskomnadzor, the private telecom regulatory body of Russia. The authority has warned that it will ban all the platforms if they do not stop the illegal activities and deleting illegal web data. It also instructed the platforms to stop illegal activities related to private payments.

So, if Roskomnadzor takes things seriously, we can see all 17 crypto platforms facing a ban forever. The authority reports also indicate these blacklisted platforms not only provide illegal ways of payments but also offer their services without even registering. This results in total anonymity to the users, which can cause serious damage to Russia’s economy and even be a signal to terrorist funding.

Increasing surveillance on crypto exchanges

The two crypto exchange platforms have hired a law firm Digital Rights Center. The firm claimed that the crypto exchanges had not received any order or notice to appear in the local court of Russia for these issues. It further informed that it would appeal to the court to cancel these procedures and to proceed with giving proper information and notice about the issues.

Many countries are recognizing the illegal activities and taking action against them. Recently, the South Korean government Financial Intelligence Unit has made it mandatory for exchanges to register themselves under the Anti-Money Laundering arm. Increasing surveillance on cryptocurrency exchanges confirms that what follows is not a smooth road for cryptocurrencies including Bitcoin.