Sergey Mendeleev Discusses Law Enforcement Pressure and USDT Account Freezes
The lack of clear regulation is a key reason for the pressure on the crypto business in Russia, according to Sergey Mendeleev, CEO of Exved, during the “Podcast Society” on ForkLog’s YouTube channel.
“Raids on exchanges often result from clients’ issues. However, law enforcement does not always distinguish between legitimate business and fraud. I myself was once forced to the ground, even though we operated strictly within the legal framework,” he noted.
The expert emphasized that the freezing of Garantex’s USDT accounts set a precedent:
“Previously, Tether froze accounts only for terrorists or drug dealers. Now, anyone on the sanctions list is at risk. There are workarounds, but discussing them would lead to their closure.”
He paid special attention to the crypto-ruble, a tool designed to simplify cross-border payments:
“This is not about circumventing sanctions, but a tool for business. Millions can be transferred from Vladivostok to Moscow in seconds, bypassing banks and their questions under Federal Law 115-FZ.”
In conclusion, Mendeleev expressed confidence that central bank bans will not halt the industry:
“Crypto does not threaten the ruble. On the contrary, it helps businesses survive. But regulators believe myths—that bitcoins are used to buy drugs. I personally showed an official that payments on ‘Hydra’ are made through Qiwi, but it changed nothing.”
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