Bank of Russia Lists Crypto Companies Among Financial Pyramids
The Central Bank of Russia has recently expanded its database of financial market players suspected of illicit activities. Several crypto companies have been added to the list along with entities bearing signs of Ponzi schemes, as well as illegal credit organizations and forex dealers. Central Bank of Russia Blacklists Crypto Platforms As part of its monitoring of the financial sector, the Central of Russia (CBR) regularly identifies illegal financial services providers and warns Russian investors about fraudulent platforms. This week, the regulator added another 105 companies to its....
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A majority of the financial pyramids identified in 2022 used cryptocurrencies in one way or another, Russia’s central bank announced in a new report. Amid Western sanctions, Russian scams have stepped up their activities, often claiming to be licensed by foreign authorities to offer access to crypto assets.
Russian Pyramids Take Advantage of Western Sanctions and Popularity of Crypto
Over 56% of the pyramid schemes in the Russian Federation during the first half of the year, or 537 entities, raised funds in various cryptocurrencies or advertised crypto investments, a....
Many of the financial pyramids identified in Russia during the first quarter of the year have been associated with cryptocurrencies, a top central bank official has revealed. Fraudsters are actively exploiting the hot topics of the day, including the sanctions theme. Pyramids Offer Russian Investors Ways to Circumvent Western Sanctions Amid growing financial uncertainty, Ponzi schemes advertising opportunities to invest in digital assets are mushrooming in Russia. Of all financial pyramids detected by regulators in the first three months of 2022, well over half have used cryptocurrency as....
The central bank of Russia has advised commercial banks on how to identify and block cards and wallet accounts used by shady businesses. Along with illegal forex dealers and financial pyramids, the regulator has also listed crypto exchangers as suspicious entities. New AML Recommendations by Bank of Russia Target Cryptocurrency Exchangers Russia’s central bank has issued a set of criteria that banks can use to identify cards and e-wallets used by companies operating in the shadow economy, Forklog reported. According to the monetary authority, these include not only illegal forex....
An increasing number of financial and crypto pyramids targeting Russian investors have been opening physical offices in the country. The Central Bank of Russia has recently expressed concern over the trend which is seen as an indication that the fraudsters expect growing demand.
Russian Crypto Scams Launch Offices to Lure More Investors In-person, Bank of Russia Says
Financial pyramids and illegal forex dealers in Russia, many of which now specialize in offering crypto investment and settlement opportunities, are moving offline, the daily Izvestia reported quoting the Central....
Governor György Matolcsy reciprocated the need for a crypto ban, currently imposed by China and proposed by Russia's central bank. György Matolcsy, Governor of the Hungarian National Bank, has proposed a blanket ban on all cryptocurrency trading and mining operations across the European Union. Governor Matolcsy cited the recent crypto ban imposed by China in a blog post shared by the Hungarian central bank a.k.a. Magyar Nemzeti Bank (MNB) titled “Time has come to ban crypto trading and mining in the EU.” He also pointed out the Russian central bank’s proposal that calls for a blanket ban....