The cryptocurrency exchange aggregator BestChange has restricted ruble operations for 95 services. Nikita Zuborev, an analyst at the platform, explained to ForkLog the reasons and potential consequences of these measures.
The restrictions were prompted by suspicions of the “white triangle” scheme and user complaints about bank card blockages.
In this scheme, an exchange transfers one client’s details to another for direct transfer. The service does not process the payment itself and does not verify the origin of the funds.
Scheme Indicators
According to the expert, the aggregator identifies suspicious services by several indicators: inflated rates, payments through unverified processors and P2P platforms, and the splitting of large transfers into smaller ones.
The platform also considers client complaints about temporary card blockages. Zuborev added that each case is investigated separately to avoid fake complaints and “competitive wars.”
Market Consequences
The restrictions have not significantly harmed competition on BestChange, the analyst believes. The platform has enough services offering competitive rates.
However, Zuborev predicted an increase in risks on cryptocurrency exchange P2P platforms. In his view, “grey” processors might move to these markets, increasing the likelihood of interactions with unscrupulous participants.
“Users who do not care about the purity of funds are likely to get a better exchange rate than before,” he noted.
Recommendations for Exchanges
Zuborev noted that AML practices for fiat operations are almost absent in the market due to the complexity of their implementation.
The most effective measures, he said, are KYC/KYT procedures. These include card verification against the exchange page or providing a basic set of documents, as is customary on cryptocurrency exchanges.
Back in April, Roskomnadzor once again blocked BestChange domains in Russia.