Russian opposition for legalization of cryptocurrencies
2022.12.21 11:57
Russian opposition for legalization of cryptocurrencies
Budrigannews.com – A local over-the-counter (OTC) exchange known as Bankoff has been linked to a Russian legislator who was one of the authors of the bill that would have made cryptocurrency mining legal in the country.
In a December 19 article published by the London-based investigative project Dossier Center, Russian opposition activist Mikhail Khodorkovsky made a connection between Bankoff OTC and legislator Andrei Lugovoi.
A video titled “Crypto-Kremlin:” accompanied the 6,000-word article. How the authorities wash Bitcoin,” which was made available on Khodorkovsky’s Live YouTube channel.
As indicated by Dossier, Bankoff is the most dynamic shared merchant utilizing Russian rubles on the major worldwide crypto trade Binance. As recently announced, Binance kept on serving non-authorized Russians notwithstanding the European Association prohibiting all crypto exchanges for Russia in October. Customers can only pay with cash on the Bankoff OTC platform, and there are almost no controls for Know Your Customer or Anti-Money Laundering.
Как думаете, кто может контролировать криптообменник, который приносит миллионы долларов в год? Естественно, тот, кто сидит в Госдуме и занимается регулированием крипты. В треде — всё самое важное о новом расследовании.https://t.co/ndd62kxy3n
— Центр «Досье» – право на справедливость (@dossier_center) December 19, 2022
The trader’s office is said to be located on the 65th floor of a Moscow City skyscraper building. The buildings are owned by the Bratsk Electricity Network, a company that distributes electricity throughout the eastern-central Russian city of Bratsk, a major mining hub for cryptocurrencies.
Dossier claims that Bankoff could earn up to $20,000 per day from up to 4% commissions on crypto transactions made by users. Since 2018, Ksenia Lugovaya, Lugovoi’s wife, is also said to have owned a stake in Bratsk Electricity Network. According to a declaration that her husband filed and is said to be shown in the Dossier video, Lugovaya had a 2021 income of 29.6 million rubles, or just over $400,000, from the Bratsk electric company alone.
Additionally, a representative of Dossier is said to have been able to use the sanctioned Russian crypto exchange Garantex to convert 100,000 rubles (or $1,400) into Tether (USDT) in the Dossier article and video. According to reports, the representative was able to transfer USDT from Garantex to Binance and then successfully transfer it to an account at the UK-based fintech Wise, allowing the money to be distributed despite US sanctions.
The video’s speaker argued that such a plan not only allows Russian officials to avoid sanctions but also generates money for them:
“That doesn’t impede Russian officials and members of the security forces from using cryptocurrency not only to take millions out of the country, but also to make money from doing it. People who are under the close attention of law enforcement agencies worldwide have long been tied to this.”
While obviously profiting from crypto themselves, Russian legislators have been effectively restricting the possibility of crypto venture by ordinary individuals. Local cryptocurrency exchanges have not been legalized by the Russian government, and the central bank has strongly opposed cryptocurrency investment.
More Exceptions for Crypto Investments in UK
Lugovoi is known for developing local cryptocurrency laws, in addition to supporting one of Russia’s largest cryptocurrency OTC platforms. The cryptocurrency mining bill that was presented to Russia’s lower house of parliament on November 17 is one of his contributions. After being accused of poisoning Alexander Litvinenko, a former Russian security service officer, in the United Kingdom in 2006, Lugovoi began his political career.
