Fintech

Reuters: Binance built ties to a Russian FSB-linked agency

Just one day after Binance announced it was deactivating the accounts of its major clients in Russia in order to comply with EU sanctions, Reuters reveals how, starting from April 2021, the world’s leading crypto exchange secretly shared client data with the Russian authorities. At the time, Russia’s financial intelligence unit Rosfinmonitoring (Rosfin) was “seeking to trace …

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China’s payment card giant UnionPay backs away from Russia

China’s UnionPay system refused to cooperate with Russia’s biggest lender Sberbank and suspended talks with other banks for fear of secondary sanctions, the RBC news website reported Wednesday.  Russian banks planned to issue cards using UnionPay after Visa and Mastercard suspended operations last month in compliance with sanctions imposed over Moscow’s invasion of Ukraine. The Russian …

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Russian minister calls for urgent legalization of crypto mining

Cryptocurrency mining needs to be regulated “as soon as possible,” Russian Deputy Minister of Energy Evgeniy Grabchak said during Russia’s first national conference of legal bitcoin miners, held recently in Irkutsk. The Siberian oblast, where electricity rates start at just $0.01 per kWh, has been dubbed “the mining capital of Russia” as coin minting in the …

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Investors turn to crypto funds, companies as Russia-Ukraine crisis escalates

Global investors are scooping up stakes in cryptocurrency funds and companies, as they seek exposure to a sector many believe could withstand the fallout from the Russia-Ukraine conflict. Research firm Fundstrat, in its latest note to clients, said venture capital (VC) buyers invested around $4 billion in the crypto space in the last three weeks …

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Cryptoasset sector told by UK regulators to comply with Russian sanctions

Financial services firms including those in the cryptoasset sector were warned by Britain’s regulatory bodies on Friday that they were expected to ensure sanctions imposed against entities and individuals in Russia and Belarus were complied with. “We are working closely with partners in government and law enforcement both here and abroad, including regulatory authorities, to …

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Russia weighs pros and cons of using crypto to evade Western sanctions

As Western powers began cutting off its access to the SWIFT interbank payment system, Russia could turn to cryptocurrency to bypass sanctions. This Monday Sergey Glazyev, a former Russian minister and advisor to President Putin, made this suggestion in an interview to Russian TV channel RBC.  Cryptocurrencies can become an alternative for settlements with Western countries, allowing Russia to continue …

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White House: US unlikely to kick Russia off SWIFT

The US said Friday it will “probably not” try to kick Russia out of the SWIFT financial messaging system should Moscow invade Ukraine. Washington has threatened to levy “severe” sanctions on Moscow in the event it attacks Ukraine, promising a package of measures that could “devastate” the Russian economy. “All options remain on the table. …

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Tinkoff introduces Russia’s first digital mortgage loans

Tinkoff’s mortgage loan offering is the first of its kind in Russia: the process will take place entirely online, from paperwork to credit issuance. Since Tinkoff has always been branchless, customers will not need to visit a brick-and-mortar location at any stage of the transaction, including when applying for electronic signatures.  First, Tinkoff customers will be …

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Report: Large share of global crypto crime comes from Russia

In a preview of its 2022 Crypto Crime Report, Chainalysis says that, overall, “roughly 74% of ransomware revenue in 2021 — over $400 million worth of cryptocurrency — went to strains we can say are highly likely to be affiliated with Russia in some way.” Platforms operating mainly on the Russian crypto market launder the bulk of extorted funds, …

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Russia finally moves to legalize crypto economy

The Russian government “has determined the future of digital currencies in Russia,” an announcement published late Tuesday stated. The authorities have elaborated a plan to integrate the circulation of cryptocurrencies into Russia’s financial system and to establish control over crypto-related flows in the banking system. Contrasting with the central bank’s recent proposal to impose a ban on crypto trading, investment …

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US and Russia eyeing bitcoin: A moment of critical mass for crypto?

Bitcoin and cryptocurrencies are at a tipping point as two rival major world powers – the U.S. and Russia – both appear to be moving towards state acceptance of digital money, affirms the CEO of global financial giant deVere Group. The bold assertion from Nigel Green comes as the Biden administration is preparing an executive …

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Siberian utility filed 137 lawsuits over crypto miners using cheap power

Irkutskenergosbyt, the main utility company in Irkutsk, Siberia, is looking to collect almost $800,000 from owners of crypto farms that have allegedly caused a spike in local electricity consumption. In total, the company has filed 137 lawsuits against customers who set up mining facilities in basements and garages. The company says these home miners are engaged in entrepreneurial …

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