Leading Japanese Online Broker SBI to Pull Out of Russia’s Crypto Mining Sector
SBI Holdings, the largest online brokerage in Japan, is shutting down its crypto mining business in the Russian Federation. Amid mounting uncertainty over the future of such investments due to the ongoing conflict in Ukraine, as well as decreased mining profits, the financial firm said it plans to sell its equipment and withdraw. Japan’s SBI Broker to Complete Withdrawal From Russian Mining Industry Access to low-cost power and suitable climatic conditions made Russia an attractive destination for cryptocurrency miners when China cracked down on the industry in May of 2021. However,....
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After terminating mining operations in Russia's mining-rich region of Siberia in February, SBI still continues running some mining activity in the country. Japanese financial giant SBI Holdings has partly terminated cryptocurrency mining in Russia due to geopolitical uncertainty and the crypto winter.SBI Holdings suspended mining operations in Russia’s crypto mining-rich region of Siberia, citing reasons like Russia-Ukraine conflict and the ongoing bear market, Bloomberg reported on Thursday.The Japanese online brokerage shut down the Siberian mining operations shortly after Russia started....
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The Blockchain technology is attracting an increased interest from the Russian financial institutions and IT companies and may be poised to overcome skepticism from Russian regulators. This is perhaps not surprising, given Russia’s prominence in the technology sector with over 120,000 local programmers and continuing growth in e-commerce and online activities. However, certain legal obstacles may still pose challenges for promoters and developers of cryptocurrencies and other Blockchain applications. Current Resistance to Bitcoin. The Russian authorities have given attention to potential....
In an attempt to deny Russia opportunities to evade sanctions through cryptocurrencies, the U.S. Department of the Treasury has sanctioned leading Russian mining firm Bitriver. The move comes amid concerns that Moscow may use the minting of digital coins to monetize its energy resources. Zug-Based Bitriver and Its Russian Subsidiaries Blacklisted by United States The U.S. Treasury Department has for the first time taken action against Russian crypto miners that could ostensibly facilitate Moscow’s efforts to circumvent international restrictions imposed over the war in Ukraine. On....