Aksakov: Restrictions on Russians by Bitcoin exchanges — another argument against legalising cryptocurrencies

Head of the State Duma committee on the financial market, Anatoly Aksakov, said that restrictions imposed by cryptocurrency exchanges on users from the Russian Federation have become an additional argument against the legalisation of crypto assets. This was reported by «Интерфакс».

He noted that his own stance on regulating digital currencies changed in light of sanctions. Previously the official supported legalising cryptocurrencies with strict controls:

“The question arises: our largest global exchange, not tied to a single country, has restricted operations for Russian participants in this market. It seems there will be other restrictions. All indications are that the crypto market is being regulated from the United States,” Aksakov said.

He had hoped that authorities would soon pass legislation regulating cryptocurrencies, but now believes they will, after the May holidays, turn to a broad discussion.

In April, Binance announced restrictions for accounts of residents of the Russian Federation, where the total value of crypto assets exceeded €10,000. The measures followed the fifth package of EU sanctions against Russia over its invasion of Ukraine.

Binance chief Changpeng Zhao said that Russia would not be able to use crypto assets to evade sanctions.

Before these restrictions, cryptocurrency exchanges Kuna, WhiteBIT and CEX.io, as well as leading South Korean exchanges including Bithumb, Upbit, Coinone and Korbit, had imposed restrictions on Russian users.

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