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Russia's Central Bank Targets 10 Million Russians in Crackdown on OTC Crypto Traders with New Monitoring Platform

Dec 25, 2024, 07:45 AM

Russia's central bank is intensifying its crackdown on illegal cryptocurrency trading by developing a new centralized platform aimed at monitoring over-the-counter (OTC) crypto transactions. This initiative, in collaboration with Rosfinmonitoring and various banking institutions, seeks to identify and flag suspicious financial activities, particularly targeting individuals known as 'droppers' who rent out their bank accounts for illicit transactions. The Bank of Russia reported that approximately 10 million Russians transferred funds to flagged accounts last year, highlighting the scale of the issue. The new system will allow for real-time tracking and blocking of unauthorized transactions, marking a significant shift in Russia's approach to cryptocurrency regulation.