Russia

Alexander Vinnik Accused of Laundering Billions Through BTC-e Extradited to France

25/01/2020 by Idelto Editor

Alexander Vinnik, the Russian-born IT specialist who spent over two years in detention in Greece, where he was arrested on a U.S. warrant, is now in Paris. The alleged BTC-e operator, suspected of laundering at least $4 billion through the now defunct crypto exchange, has been handed over to France after the Greek judiciary turned down a plea against his extradition.

Also read: Russian Opposition Leader Navalny Raises $700,000 in Crypto Donations

From a Greek Hospital to a French

On Thursday, law enforcement officials took Alexander Vinnik from a Greek hospital away in an unknown direction, Russian news agency RIA Novosti reported. That happened right after the Council of State, the highest administrative court in Greece, published its decision to dismiss a complaint filed by Vinnik’s lawyers against his extradition to France and the United States. Ekaterina Sakellaropoulou, the court’s presiding judge until recently, was elected the first female president of Greece.

Alexander Vinnik Accused of Laundering Billions Through BTC-e Extradited to France — Ekaterina Sakellaropoulou and Alexander Vinnik. Source: Zoe Konstantopoulou

The accused was taken to the airport and eventually transported to France where he is currently in the Hotel Dieu hospital in Pairs, his Greek lawyer Zoe Konstantopoulou announced on Facebook. Last night, French authorities questioned Vinnik, reportedly against his will. He is in a deteriorating condition more than 30 days since he started his latest hunger strike, she added, quoting a French colleague. Social media commenters speculated that French authorities were in a hurry to interrogate Vinnik in order to proceed with his extradition to the U.S.

Alexander Vinnik was arrested in the Greek city of Thessaloniki in July, 2017 during a family vacation. U.S. prosecutors accuse him of illegally establishing and operating the BTC-e digital asset trading platform, through which between $4 billion and $9 billion were allegedly laundered. Vinnik is also wanted in his home country for the theft of 600,000 rubles (less than $10,000) from a defrauded entity and Russia has tried to secure his extradition to Moscow.

Paris Accuses Vinnik of Cybercrime, Extortion and Money Laundering

France filed its extradition request in June 2018, claiming Vinnik was part of an organized criminal group that specialized in extortion and money laundering. According to the documents, its members broke into the emails of 5,700 victims around the world and extorted over 20,000 BTC. The arrest warrant issued by Paris cites cybercrimes, legalization of illicit proceeds, and participation in a criminal organization. Vinnik’s defense, which includes Russian lawyer Timofei Musatov, maintains that the said crimes were conducted while the accused was in jail, that the European order has long expired, and also that Vinnik has been kept in detention without charges.

The case has become a source of international tension, with Greece finding itself under pressure to extradite Vinnik to either France and the United States or the Russian Federation. There have been four separate decisions by Greek courts for the extradition of Vinnik so far – to the U.S., France, and two for Russia. Authorities in Athens have officially notified the Russian embassy about the extradition to France. On Friday, a spokesperson for the French Ministry of Foreign Affairs declined to comment on the current situation and redirected relevant requests to the Justice Ministry. Doctors at the Hotel Dieu hospital have also refrained from statements.

A French judge is expected to preside over a hearing on Tuesday, Jan. 28, which will determine the conditions of Alexander Vinnik’s further detention, his lawyer in France, Ariane Zimra, told RIA. “Depending on the state of his health, the judge may have to hold this hearing at the hospital,” Zimra added. According to Timofei Musatov, the court can impose restraint on remand in custody only if charges are brought against the Russian citizen. Otherwise he must be released, the lawyer insisted. Vinnik’s legal team plans to file international lawsuits in his defense after he spent 30 months in jail without charges.

What are your expectations about the future developments in the Vinnik case? Share your thoughts in comments section below.

Images courtesy of Shutterstock, RIA Novosti.

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Regulatory Roundup: New US Crypto Tax Bill, Central Banks Join Forces on Digital Currencies

23/01/2020 by Idelto Editor

In this roundup, we cover an exceptionally busy week for crypto regulations around the globe. We start our coverage with the U.S. Virtual Currency Tax Fairness Act of 2020, actions by the SEC, Ripple’s lawsuit, India’s supreme court hearings, Australia green-lighting a bitcoin retail fund, Thailand approving a new crypto exchange, and new crypto guidelines in Canada and Malaysia. We also cover the FATF’s progress to ensure countries implement its crypto standards, the regulatory developments in South Korea, China, Russia, Uzbekistan, Venezuela, and six central banks and the Bank for International Settlements collaborating on central bank digital currencies.

Also read: Regulatory Roundup: EU-Wide Crypto Regulations, New Rules in Europe, US, Asia

US Virtual Currency Tax Fairness Act of 2020

The U.S. made headlines last week when Representative Suzan K. DelBene introduced a bill on Jan. 16 “To amend the Internal Revenue Code of 1986 to exclude from gross income gain from disposition of virtual currency in a personal transaction.” H.R.5635 – Virtual Currency Tax Fairness Act of 2020 states:

Gross income of an individual shall not include gain, by reason of changes in exchange rates, from the disposition of virtual currency in a personal transaction … The preceding sentence shall not apply if the gain which would otherwise be recognized on the transaction exceeds $200.

As for the effective date, the bill proposes that the amendments apply to crypto transactions entered into after Dec. 31, 2019.

Oklahoma’s Depository, SEC Onto IEOs, Ripple Lawsuit

The U.S. state of Oklahoma has a new crypto bill. Senate Bill 1430, authored by Senator Nathan Dahm, was introduced on Jan. 15 to establish a “new type of financial institution to be a state-chartered financial institution and the central depository for virtual currency used by governmental agencies in this state.” The new financial institution will also provide financial and technical services to blockchain and crypto innovators as well as developers.

The U.S. Securities and Exchange Commission (SEC) took crypto-related actions this past week. On Jan. 14, the agency issued an Investor Alert on initial exchange offerings (IEOs). The notice came from the commission’s Office of Investor Education and Advocacy. It explains various aspects of IEOs, including whether they comply with federal securities laws. “Be cautious if considering an investment in an IEO,” the notice states. “It is a red flag if the IEO and its participants, including the online trading platform, do not address or discuss the applicability of the federal securities laws.”

In addition, the SEC said on Jan. 21 that it has reached agreements to settle with three defendants, including the former Riot Blockchain CEO.

Meanwhile, a lawsuit against Ripple continues at the U.S. District Court for the Northern District of California, the outcome of which may decide the fate of XRP.

India’s Supreme Court Hearings

The Indian supreme court has been actively hearing the crypto vs. RBI case over the past week. The court heard the case over three consecutive days last week as the counsel for the Internet and Mobile Association of India (IAMAI) presented his arguments against the banking restrictions by the central bank. He explained that the RBI does not have the power to ban cryptocurrency, but taking away the bank accounts of crypto exchanges constitutes an “absolute ban.” The central bank argued that it did not ban cryptocurrencies.

On Wednesday, Jan. 22, the court resumed hearing the case. The counsel for crypto exchanges presented his arguments against the banking restrictions. The RBI counsel also took center stage, arguing on behalf of the central bank.

Meanwhile, a Center of Excellence in Blockchain Technology has been inaugurated by Union Minister Ravi Shankar Prasad in Bengaluru.

Canada’s New Guidance on How Securities Law Applies to Crypto

The Canadian Securities Administrators (CSA) on Jan. 16 published Staff Notice 21-327 Guidance on the Application of Securities Legislation to Entities Facilitating the Trading of Crypto Assets. The aim of the notice is “to help these entities to determine situations where securities legislation may or may not apply.” The regulator detailed that, for example, “Securities legislation may apply to platforms that facilitate the buying and selling of crypto assets that are commodities, because the user’s contractual right to the crypto asset may itself constitute a derivative, a security or both.” However, it added:

The relevant determination will depend on the facts and circumstances, including the obligations and intention to provide immediate delivery of the crypto asset.

Australia Green-Lights Bitcoin Retail Fund

The Australian Securities and Investment Commission (ASIC) has reportedly approved micro-investment fintech company Raiz to operate a bitcoin retail fund. The company plans to launch the fund in the first half of this year. In December, it had $445 million in funds under management from 211,000 paying customers, out of the 300,000 users who opened an account. The fund is expected to invest 95% in exchange-traded funds (ETFs) and 5% directly in bitcoin.

Thailand Approves Crypto Exchange, Malaysia Issues New Token Regulation

The Thai Securities and Exchange Commission has approved a new company to operate a digital asset exchange. According to the commission’s website, Zipmex is not yet operational but has been approved to offer both cryptocurrency and digital token trading. Headquartered in Singapore, Zipmex also has offices in Thailand, Australia, and Indonesia.

In Malaysia, the Securities Commission Malaysia has issued guidelines on fundraising via token sales. All token offerings must now be conducted on approved initial exchange offering platforms, which must be registered with the commission. No offerings can take place until the law goes into effect.

South Korea Mulls 20% Crypto Tax While Blockchain Projects Multiply

South Korea has made headlines several times over the past week regarding its plans to tax crypto profits. The Ministry of Economy and Finance recently clarified that they cannot be taxed under the current law. Nonetheless, the country’s National Tax Service imposed a withholding tax of $69 million on Bithumb, one of the country’s largest crypto exchanges. Bithumb has filed a complaint with Tax Tribunal seeking to recoup the tax payment it already made.

The ministry has also reiterated several times that it is reviewing the tax code so that crypto profits can be taxed. The country made headlines again on Jan. 20 when a government official, who spoke on the condition of anonymity, told the Korea Times:

The finance ministry has not finalized its plan to tax cryptocurrencies. But, there is a possibility that the government may impose a 20% tax on cryptocurrencies.

Meanwhile, the Ministry of Science and ICT is planning to provide a number of blockchain-based public services, Business Korea reported on Jan. 20. The ministry will allocate a budget of 16.1 billion won ($13,839,711) for blockchain R&D and resume preliminary feasibility studies. The ministry and the Korea Internet & Security Agency are preparing to launch pilot blockchain projects.

Blockchain-based platforms for use in a number of areas have been mentioned, including evidence management, crop production and logistics management, a welfare benefit management, food safety data, chronic disease management, decentralized identity-based public service, self-driving reliability enhancement, toll payment, water supply quality management, and electric vehicle management system.

China’s Communist Party Book

A 200-page handbook on digital currency has been published by the publishing house of People’s Daily. Entitled “Digital Currency: A Reader for Cadres,” the book includes 23 articles on topics ranging from the basics of the concept to its impact on monetary systems and global finance. It is an addition to a series of guides for cadres covering a variety of subjects, including artificial intelligence and blockchain.

The book contains articles by experts and scholars from central banks, including the People’s Bank of China, major commercial banks, and well-known research institutes. It explains and analyzes the nature, development, impact, opportunities, and challenges of digital currencies in detail. According to Bloomberg, its postscript describes that the articles selected “hope to help Party cadres deepen their understanding” of the technology.

Venezuela Launching Crypto Casino

In Venezuela, President Nicolas Maduro has continued to push the petro, his country’s so-called cryptocurrency which many are calling a scam. He announced on Jan. 17 that a casino will be opened at the Humboldt Hotel in Caracas where all bets must be placed in petros. He explained that people can exchange yuan, yen, dollars, euros and a number of other cryptocurrencies for petro tokens and gamble.

UK to Pay £100K for Blockchain Analysis Tool

The U.K. tax authority, HM Revenue & Customs, posted an open opportunity for contractors to create “cryptoasset blockchain analysis tools,” suitable for small and medium-sized enterprises. The notice states that the contract, worth £100,000, seeks:

A tool that will support intelligence gathering methods to identify and cluster cryptoasset transactions into linked transactions and identify those linked to cryptoasset service providers.

New Russian PM; Uzbekistan’s Exchange & Mining Pool

The Russian Federation has a new prime minister, Mikhail Mishustin. The former head of the Russian tax agency has made comments about cryptocurrencies on multiple occasions. He made it clear he viewed digital currencies as financial instruments that should be taxed as such. Meanwhile, the Russian Direct Democracy Party plans to find solutions to numerous issues that concern the crypto space.

Several recent crypto regulatory developments stem from Uzbekistan. The National Agency for Project Management (NAPM), a government body under the country’s president, revealed this week its 2020 plans for the regulation of crypto trading and the implementation of blockchain technologies. A mining pool has been proposed that will help consolidate the capacities of domestic and foreign miners at the national level.

Moreover, a new presidential decree envisages the introduction of tax exemptions for crypto-related income. A recently published draft document incorporates proposals to establish a blockchain valley and licensing regime for cryptocurrency miners. The country has just launched its first licensed crypto exchange where miners can sell their mined coins.

Global Efforts by 6 Central Banks, the BIS, OECD, FATF

Six central banks and the Bank of International Settlements (BIS) have formed a group to share experience as they assess potential cases for central bank digital currencies (CBDCs) in their home jurisdictions. The central banks involved are the Bank of Canada, the Bank of England, the Bank of Japan, the European Central Bank, the Sveriges Riksbank, and the Swiss National Bank.

Co-chaired by Benoît Cœuré, the head of BIS Innovation Hub, and Bank of England Deputy Governor Jon Cunliffe, the group will work closely with relevant organizations such as the Financial Stability Board (FSB) and the Committee on Payments and Market Infrastructures (CPMI). Its members will include senior representatives of the participating institutions. According to the Bank of England:

The group will assess CBDC use cases; economic, functional and technical design choices, including cross-border interoperability; and the sharing of knowledge on emerging technologies.

Earlier this week, the Organisation for Economic Cooperation and Development (OECD), with 36 member countries, formed a “high-level expert group” for blockchain, which includes executives of crypto companies. They will advise the organization on blockchain technology.

Another intergovernmental organization that recently made efforts towards crypto oversight is the Financial Action Task Force (FATF). It recently held a supervisors’ forum to discuss the supervision of crypto assets and related service providers. This is the first time regulators and supervisors had the opportunity to discuss and share crypto supervisory knowledge and experience since the FATF issued its guidance on crypto assets in June last year.

What do you think of the regulatory developments worldwide covered in this roundup? Let us know in the comments section below.

Disclaimer: This article is for informational purposes only. It is not an offer or solicitation of an offer to buy or sell, or a recommendation, endorsement, or sponsorship 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.

Images courtesy of Shutterstock and Foreign Policy.

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Russia’s New Prime Minister Has an Opinion of Cryptocurrencies

17/01/2020 by Idelto Editor

Russia’s New Prime Minister Has His Opinion on Cryptocurrencies

The Russian Federation has a new prime minister, Mikhail Mishustin, with a track record of statements regarding cryptocurrencies and an affection for digitalization. A stated goal of his government will be to turn the country into a digital platform “for the people.” Time will tell, however, whether his plan encompasses the legal use of decentralized digital currencies.

Also read: Direct Democracy Party to Solve Issues With Crypto Rights in Russia

Russian President to Lose Powers, After Putin

Mishustin was appointed head of the Russian government shortly after his nomination this week and the resignation of Dmitry Medvedev’s cabinet. Medvedev, a long-term political ally of Vladimir Putin, is leaving the post after the Russian president announced a constitutional reform during his annual address to the Federal Assembly this past Wednesday.

Russia’s New Prime Minister Has an Opinion of Cryptocurrencies — Vladimir Putin during his address to the Federal Assembly

The changes will give the State Duma, the lower house of Russia’s parliament, more powers and limit those of the president after Putin’s fourth and last term ends in 2024. While the current head of state presently chooses the Russian premier, in the future lawmakers will take the responsibility to select and appoint a candidate and all of their ministers.

The amendments are expected to pass public discussions and eventually be approved in a referendum. Some Russian media reports suggest that Medvedev is leaving because he failed to agree with Putin on the reforms. In his resignation announcement, he noted that when the changes take effect, they will shift the general balance of power in Moscow, saying:

It is obvious that we as the government of the Russian Federation should provide the president of our country with the opportunity to make all the necessary decisions.

According to the Kommersant business daily, Medvedev favored a scenario in which the presidential institution and the government merge, thus giving the president full executive power. Quoting an anonymous source close to the Kremlin, the independent TV channel Dozhd reported that he proposed establishing the post of vice-president and that he might’ve wanted it for himself. Medvedev has now been appointed deputy head of the Russian Security Council under Putin.

What Does This Mean for Cryptocurrencies?

The proposed constitutional amendments can be interpreted differently. Supporters would say they will bring democratization with the Duma, the collective organ of power, gaining more influence in Russia’s internal affairs. Critics fear, however, that these have been designed to allow Vladimir Putin to maintain control even after his last presidential term expires by becoming prime minister again, for example.

Until that happens, the revamped composition of the government can bring other changes to the country, including some that concern the crypto space. At a meeting with members of the parliamentary group of the ruling United Russia party before his appointment, Mikhail Mishustin said he wanted to get on with the “Digital Economy” national project and declared:

The state should undoubtedly be a digital platform created for the people.

Before his appointment as prime minister, Mishustin served as director of the Federal Tax Service (FTS) for 10 years and has been credited with the digitalization of Russia’s tax system. Now he says his first urgent task is to “seriously engage in institutional reforms” and introduce “the most modern information technology.” With a PhD in economics and professional background in IT, he might well be the right person to lead the charge towards achieving these goals.

As the head of the Russian tax agency, Mishustin has made comments about cryptocurrencies on multiple occasions, crypto news outlet Forklog reminded. Nobody trusted paper money when it was introduced into circulation and it had to be backed with the gold reserves of central banks, he noted in 2017 pondering on the moneyness of cryptos. He also made it clear he viewed digital currencies as financial instruments and thought they should be taxed as such.

In February 2019, Mikhail Mishustin spoke in favor of regulating the crypto industry in Russia, stressing that the government has to deal with cryptocurrencies and other forms of payment which the state, in his words, doesn’t notice. Also during his administration, the FTS accepted registering crypto investments as part of a company’s capital, as news.Bitcoin.com reported. And while other institutions like the Central Bank of Russia view bitcoin as an illegal money surrogate, 13% tax on crypto-related incomes is nevertheless due to Mishustin’s administration.

So far, the State Duma has incorporated the concept of “digital rights” that relates to tokens into national law through amendments to the country’s civil code. It also adopted a “crowdfunding law” which entered into force in the beginning of this year. But a key bill, the law “On Digital Financial Assets” which was voted on first reading in the spring of 2018, is yet to be adopted. Earlier this week, the Chairman of the parliamentary Financial Market Committee, Anatoly Aksakov, stated that this is “99.9%” going to happen during the spring session of the Duma.

What kind of changes do you expect in Russia’s policy towards cryptocurrencies after the latest political developments in Moscow? Share your thoughts in the comments section below.

Images courtesy of Shutterstock, Kremlin.ru.

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Direct Democracy Party to Solve Issues With Crypto Rights in Russia

16/01/2020 by Idelto Editor

Direct Democracy Party to Solve Pending Issues With Crypto Rights in Russia

A new political force is being born in Russia out of the country’s tech business circles. The idea has been conceived by representatives of the country’s growing digital economy sector who want to embark on finding solutions to numerous issues that concern the crypto space.

Also read: Eastern Europe Sees More Fiat Options for Trading Crypto

World of Tanks Developer Leads Russian IT Party

The political project was announced by members of the IT industry led by Vyacheslav Makarov, former product manager at Wargaming who was involved in the development of the popular online action game World of Tanks, the Russian business daily Kommersant reported. Markov is the chief ideologist of the group which is working to establish the Direct Democracy Party (abbreviated PPD). The team has already filed for registration with the Russian Ministry of Justice in November. The party building process will culminate in a constituent congress to be held on March 5. PPD plans to take part in Russia’s 2020 regional elections, focusing on constituencies where large IT companies are operating.

Vyacheslav Makarov hopes to attract more developers from these organizations to the project. He points out that in many Russian regions IT companies are the biggest taxpayers and are well acquainted with local problems. His initiative has already won active support from other well-known figures such as Boris Chigidin, deputy head of the legal department at Yandex Money, Unwired Devices Director Oleg Artamonov, and the Director of the Eurasian Communication Center Alexei Pilko, who are members of the party’s organizational committee.

What sets PPD apart from other political projects is that it doesn’t have a favorite political ideology, notes the Russian election information portal Vybor Naroda. The party manifesto offers a “complete overhaul” of the existing political system that corresponds to the popular demand for real democracy. The party turns attention to the high level of property inequality in Russia, which is a leftist political message, but also to the systemic barriers to business and overregulation of all spheres of society, which is more characteristic for right-wing liberal factions.

PPD to Address Rights Pertaining to Cryptocurrencies

The authors of the manifesto have outlined certain groups of specific problems they feel it’s rational to address. One of them covers ownership rights regarding products of the digital economy including those pertaining to cryptocurrencies and blockchain systems. Another set of issues concerns matters related to the anonymity as well as the safety of participants and consumers in the digital economy sphere.

Despite these hints about their intentions, the founders of Direct Democracy Party are not putting forward a predetermined agenda. Instead, they plan to develop a mobile app based on blockchain technology that would allow members to have their say in the party policies. In order to take part in the regional elections this year, the new Russian party must be granted federal registration and establish permanent presence in at least 43 regions. While this may or may not happen within the next three months, the ultimate goal remains to gain seats in the State Duma in the parliamentary elections next year.

PPD can win voters’ attention on several fronts, one of which is the introduction of electronic voting, something authorities did not accomplish in 2019. Crypto regulation is another area. The final voting on a key piece of legislation designed to regulate cryptocurrencies has been postponed multiple times since the spring of 2018 when Russians voted for president. There was plenty of talk about adopting the regulations before that election too. Prime Minister Dmitry Medvedev recently spoke about the need to finally do that, while this week the Chairman of the Financial Market Committee, Anatoly Aksakov, was “99.9%” positive the Law on Digital Financial Assets will be adopted during the spring session of the Duma.

Parties with similar ideas have previously emerged in other countries as well. Sweden’s Pirate Party supports the right to individual privacy and freedom of speech on the internet and calls for greater government transparency and reform of intellectual property laws. The Ukrainian “Democratic Horde” party vowed last year to never accept money from oligarchs, rely solely on crypto donations and work to weaken state control over the economy while expanding civil liberties. The party wants to protect the interests of companies and people employed in the IT sector. And the Uruguay Digital Party recently announced an initiative to implement blockchain technology in its internal voting and governance. Its members believe Uruguayans should be able to audit their political representatives and take advantage of technology to expand citizen influence.

Do you think political organizations like Russia’s Direct Democracy Party can bring positive change to the treatment of cryptocurrencies? Share your thoughts on the subject in the comments section below.

Images courtesy of Shutterstock.

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Eastern Europe Sees More Fiat Options for Trading Crypto

12/01/2020 by Idelto Editor

Eastern Europe Sees More Options to Trade Crypto in Local Fiat

The countries of Central and Eastern Europe, a diverse region sometimes referred to as the ‘Second World,’ are at different stages of their economic development and political integration with the EU or other supranational organizations. Having less established traditional sectors, looser regulations and weaker associations creates better conditions for new industries to develop there. Along with local crypto exchanges, global trading platforms have been turning their attention to Eastern Europe, catering to the needs of its population by introducing new options to buy and sell coins with local fiat currencies.

Also read: Utorg Exchange Grants Access to Traders With Limited Verification

Crypto Platforms Targeting Eastern European Traders

The crypto space in the region has been expanding in the last few years with more ICO projects originating from Moscow than Silicon Valley at one point during the token sale boom, with over 900 crypto companies licensed in Estonia, and fivefold as many Turks than Germans owning digital coins. Crypto trading has been flourishing as well with numerous local platforms and established players now offering Eastern Europeans easy access to crypto markets. Having the opportunity to buy and sell cryptocurrencies using local fiat money and popular payment methods is undoubtedly convenient.

A leading trading platform in the area is Exmo. The crypto exchange advertises itself as the largest in Eastern Europe. Its website is accessible in a number of languages spoken in the region, including Russian, Ukrainian, Romanian, and Turkish. Exmo offers residents of these and other countries trading pairs with many leading cryptocurrencies such as BTC, BCH, ETH, LTC, and local fiat currencies like the euro, Russian ruble, Ukrainian hryvnia, Polish zloty, and Turkish lira. It supports popular payment methods including major credit cards, SEPA transfers, and payment processors such as Advcash, Yandex Money, Qiwi, and Payeer.

Currency.com puts another fiat option on the table. Since the exchange is based in Belarus, one of Europe’s crypto-friendly nations, it allows users to trade major cryptocurrencies with Belarusian rubles, beside Russian rubles, U.S. dollars and euros. Currency Com Bel LLC, the entity that owns the platform, is authorized to provide exchange services under the presidential decree “On the development of the digital economy,” which entered into force in March 2018. Crypto platform operators are registered residents of the High Technologies Park in Minsk.

New platforms are also entering the region’s market, such as Utorg which is another U.K.-headquartered crypto exchange targeting Eastern Europe. It was founded last year and its users can currently trade several leading cryptos, stablecoins and tokens with three fiat currencies, the Russian ruble, Ukrainian hryvnia and U.S. dollar. The exchange supports payments via a wide range of service providers available in the region. Traders can use ordinary bank transfers, major bank cards such as Visa and Mastercard as well as Russian Mir cards, and also payment processors like Qiwi, Yandex Money, Webmoney, Advcash, Payeer, and Capitalist.

For those Eastern European countries that are not part of the European Union, like the Russian Federation, Ukraine and other neighboring former Soviet nations, multiple alternatives exist. A website called Bestchange.ru lists a number of options to buy and sell cryptocurrencies using payment methods based on local fiat currencies. All you need to do is choose a cryptocurrency you want to purchase or trade and a preferred payment processor. Bestchange will then link you to dozens of platforms, including small online exchangers, which support the desired transaction.

Global Exchanges Turn to Eastern European Markets

Eastern Europe has gradually attracted interest from global players in the digital asset trading business. Singapore-based Huobi, for example, accepts Russian rubles through regular bank transfers since December. The deposit transactions are processed via Infinbank, a financial institution based in Uzbekistan where HBRU CIS, the entity running Huobi Russia, has managed to secure approval from the country’s authorities. The Central Asian republic legalized crypto trading and introduced a licensing regime for exchanges in 2018.

Binance, the world’s leading crypto exchange, also supports purchases and sales of cryptocurrency using the Russian ruble (RUB). Rubles can be deposited and withdrawn through Advcash using the payment processor’s wallet or linked bank cards. The platform recently added several other fiat gateways for the region’s residents: Czech koruna (CZK), Bulgarian lev (BGN), Romanian leu (RON), and Polish zloty (PLN). Users of these currencies can now bind their Visa cards and purchase cryptos like BTC, ETH, XRP, and the platform’s own token, BNB.

The Binance move and the expansion of exchange services tailored to meet the needs of Eastern Europeans in general represent another indication of the region’s growing importance in the crypto space. Besides established trading venues that provide traditional intermediary and custodial services, peer-to-peer exchange remains a viable and globally accessible option as well, thanks to platforms such as local.Bitcoin.com. The P2P exchange allows users to buy and sell bitcoin cash (BCH) in a non-custodial manner and they are free to create trades with any payment method.

What other crypto exchanges targeting markets in Eastern Europe do you know of? Tell us in the comments section below.

Disclaimer: This article is for informational purposes only. It is not an offer or solicitation of an offer to buy or sell, or a recommendation, endorsement, or sponsorship of any third party 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.

Images courtesy of Shutterstock, Exmo, Currency.com, Huobi.

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