Crypto Weekly
Subscribe
No Result
View All Result
Crypto Weekly
  • Home
  • News
    • Bitcoin
    • Binance
    • Ripple
    • Ethereum
    • Cardano
  • Learn
    • Crypto 101
    • Crypto Wallets
    • Crypo Investing
  • Regulation
  • Advertise with us
  • Subscribe
No Result
View All Result
Crypto Weekly Magazine
No Result
View All Result
  • Home
  • News
  • Learn
  • Regulation
  • Advertise with us
  • Subscribe

Russia’s central bank proposes strict oversight on crypto trading transfers

cryptoweekly by cryptoweekly
June 5, 2025
in regulation
0
Russia’s central bank proposes strict oversight on crypto trading transfers

The Central Bank of Russia (CBR) has called on credit institutions to strengthen control over transactions linked to crypto trading platforms, which it lists among “shadow businesses.”

The push comes after the enforcement of a law empowering banks to impose a monthly limit on transfers made by persons suspected of fraudulent activities. It allows them to block card accounts and online banking services.

Russian banks told to monitor crypto-related transactions

Russia’s monetary authority has instructed commercial banks in the country to catch money transfers between payment cards of private individuals and the corporate cards of ghost firms that show little or no signs of real business activity.

Such entities are often used by “shadow businesses,” the regulator said in a circular, listing among these cryptocurrency exchangers, online casinos, financial pyramids, and drug dealers.

Russian banks have been asked to swiftly identify these types of transactions, using online monitoring tools “in close to real time mode,” and conduct a thorough analysis of the respective client’s transaction profile, RBC Crypto and Bits.media reported.

Banking institutions may restrict transactions of a customer who has been interacting with “counterparties that previously transferred money to droppers” or companies with fictitious activity, the CBR noted. The measures include limiting bank wires and prohibiting cash deposits.

“Droppers” is a colloquial Russian term that refers to people lending their bank accounts, cards and wallets to fraudsters who use them to launder criminal proceeds. The central bank has been trying to deal with the phenomenon known as money muling in the West.

As part of these efforts, Moscow adopted new legislation, which went into force in mid-May. The law allows authorities to cap the monthly bank transfers of individuals at 100,000 rubles ($1,300) if their bank details have been added to the CBR’s database of suspicious transactions.

When the limit is reached, online access to a blacklisted account may be blocked. The account holder is then required to contact the bank and present their passport and payment card before they can use the account again.

Dropper law hits peer-to-peer crypto traders in Russia

In the notice, the Bank of Russia remarked that its latest recommendations are voluntary for banks, but at the same time, the financial authority emphasized that they can help improve their anti-money laundering procedures.

Meanwhile, concerns have been growing that the new regulations targeting droppers are actually hitting crypto traders who have few options to buy and sell digital coins in Russia, where cryptocurrencies like Bitcoin (BTC) are yet to be properly regulated.

The central bank’s dropper database is affecting crypto trading in general as it often includes not only the bank details of criminals and their accomplices but also of legitimate participants in peer-to-peer (P2P) crypto exchange, legal analysts told RBC.

The business news outlet noted that P2P has remained the only way to buy and sell cryptocurrency for users with a domestically issued card. And while the new limits will certainly make it harder for fraudsters to launder illicit funds, they will also restrict law-abiding participants in the market.

In May, the CBR revealed that crypto asset flows linked to Russian residents have spiked by over 51% during the last quarter of 2024 and the first three months of 2025, compared to the previous two quarters. The total reached 7.3 trillion rubles, or $91 billion at the time the bank published its latest financial stability review.

This month, the bank proposed to increase the maximum amount that ordinary Russians can invest in digital financial assets, such as tokenized securities, to 1 million rubles (over $12,600) from the current 600,000 rubles. However, the regulator continues to insist on limiting access to decentralized cryptocurrencies like Bitcoin to only “highly qualified” investors.

KEY Difference Wire helps crypto brands break through and dominate headlines fast

Previous Post

$13B fund manager APS buys $3.4M in tokenized real estate via MetaWealth

Next Post

California Assembly moves to claim custody of inactive crypto assets with new bill

Next Post
California Assembly moves to claim custody of inactive crypto assets with new bill

California Assembly moves to claim custody of inactive crypto assets with new bill

Latest News

Spot Ether ETFs 15-day inflow streak accumulates $837.5M inflows

by cryptoweekly
June 7, 2025
0

...

‘Full porting Bitcoin’ could be Musk's Trump card in feud: Bitcoiners

by cryptoweekly
June 7, 2025
0

...

TRUMP memecoin ‘hasn’t pumped’ after Eric Trump says WLF will buy big stack

by cryptoweekly
June 7, 2025
0

...

Winklevoss' Gemini submits confidential IPO filing amid renewed investor confidence

by cryptoweekly
June 6, 2025
0

...

Reality show to pit Twitch streamers against each other to win 1 BTC

by cryptoweekly
June 6, 2025
0

...

New Jersey gubernatorial race to be crypto’s next election test

by cryptoweekly
June 6, 2025
0

...

ETF issuers pen letter urging SEC return to ‘first-to-file’ approvals

by cryptoweekly
June 6, 2025
0

...

Arca unloads Circle shares after scathing IPO letter

by cryptoweekly
June 6, 2025
0

...

Crypto market structure hearing devolves into partisan claims

by cryptoweekly
June 6, 2025
0

...

Stablecoin legislation to drive Bitcoin market cycle in 2025: Finance Redefined

by cryptoweekly
June 6, 2025
0

...

Got a Story tip? Email Contact@cryptoweeklymag.com

CMC Coin

A marketing-focused coin w/ a unique set of tokenomics & incredible use cases! The official coin of Crypto Weekly Mag!
Learn More

News

Recent Posts
  • Spot Ether ETFs 15-day inflow streak accumulates $837.5M inflows
  • ‘Full porting Bitcoin’ could be Musk's Trump card in feud: Bitcoiners
  • TRUMP memecoin ‘hasn’t pumped’ after Eric Trump says WLF will buy big stack
  • Winklevoss' Gemini submits confidential IPO filing amid renewed investor confidence
  • Reality show to pit Twitch streamers against each other to win 1 BTC
  • New Jersey gubernatorial race to be crypto’s next election test
  • ETF issuers pen letter urging SEC return to ‘first-to-file’ approvals

Office

Crypto Weekly
71 – 75 Shelton Street
Covent Garden London, UK

Stay Connected

Facebook Twitter Instagram Telegram

© 2022 crypto weekly. All rights reserved

  • Home
  • News
    • Bitcoin
    • Binance
    • Ripple
    • Ethereum
    • Cardano
  • Learn
    • Crypto 101
    • Crypto Wallets
    • Crypo Investing
  • Regulation
  • Advertise with us
  • Subscribe
Translate »