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

Source Cryptopolitan

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: the secret tool crypto projects use to get guaranteed media coverage

Disclaimer: For information purposes only. Past performance is not indicative of future results.
placeholder
China sends warning to BYD and its rivals amid heightened price warsChinese authorities summoned executives from the country’s major electric vehicle (EV) manufacturers, including industry leader BYD Co., to a closed-door meeting in Beijing this week, according to people familiar with the matter, cited by Bloomberg.
Author  Cryptopolitan
7 hours ago
Chinese authorities summoned executives from the country’s major electric vehicle (EV) manufacturers, including industry leader BYD Co., to a closed-door meeting in Beijing this week, according to people familiar with the matter, cited by Bloomberg.
placeholder
NZD/USD Price Forecast: Rejection at 0.6080 brings 0.6000 back into playNew Zealand Dollar’s upside attempts were capped at 0.6180 on Thursday, and the pair is extending the reversal on Friday, against a somewhat firmer US Dollar, which brings the 0.6000 support area back into focus.
Author  FXStreet
7 hours ago
New Zealand Dollar’s upside attempts were capped at 0.6180 on Thursday, and the pair is extending the reversal on Friday, against a somewhat firmer US Dollar, which brings the 0.6000 support area back into focus.
placeholder
Solana Price Forecast: SOL tests $140 support zone amid rising selling pressureSolana (SOL) edges higher by 2% at press time on Friday as it avoids a drop to the $140 support zone. However, the Solana price trend is approaching its second consecutive bearish week close, following a near 6% drop on Thursday.
Author  FXStreet
7 hours ago
Solana (SOL) edges higher by 2% at press time on Friday as it avoids a drop to the $140 support zone. However, the Solana price trend is approaching its second consecutive bearish week close, following a near 6% drop on Thursday.
placeholder
US Dollar Index (DXY) nudges up to 99.00 with markets bracing for the US NFPThe US Dollar Index (DXY) is showing a moderately positive tone on Friday, with investors trimming US Dollar lows ahead of May’s US Nonfarm Payrolls release.
Author  FXStreet
7 hours ago
The US Dollar Index (DXY) is showing a moderately positive tone on Friday, with investors trimming US Dollar lows ahead of May’s US Nonfarm Payrolls release.
placeholder
Stock Futures Edge Up as Trump-Musk Feud Cools, Jobs Report LoomsU.S. stock futures edged higher on Friday as markets awaited the critical May nonfarm payrolls report and signs emerged that the escalating feud between President Donald Trump and Elon Musk may be cooling.
Author  Insights
7 hours ago
U.S. stock futures edged higher on Friday as markets awaited the critical May nonfarm payrolls report and signs emerged that the escalating feud between President Donald Trump and Elon Musk may be cooling.
goTop
quote