From July 25, Russian banks have implemented a new mechanism for the return of funds stolen by fraudsters. This could significantly complicate P2P cryptocurrency exchange operations, senior partner of the Emet law firm, Eduard Davydov, told ForkLog.
In the event of theft, a client must contact the bank, which, after reviewing the claim, is obliged to reimburse the funds within 30 days. Financial institutions will also block any suspicious transactions for two days to confirm they are conducted voluntarily and not under duress from fraudsters.
The new anti-fraud measures will primarily affect “drops” who hand over their cards/accounts for use by third parties. According to Davydov, this scheme is widely used in cryptocurrency trading.
“The Central Bank and Rosfinmonitoring view such exchange operations, especially those generating income, as illegal banking and entrepreneurial activities. However, there is still no talk of banning the trade of digital assets,” the lawyer explained.
He predicts additional complexities and risks for ordinary users conducting P2P transactions.
“On a P2P platform, it is impossible to determine whether the sender or recipient of a transfer is a regular individual or a ‘drop’ whose card is used daily by an exchange. Potentially, a user could be involved in a transaction that the bank deems non-compliant, leading to its blockage,” Davydov added.
As a result, the lawyer suggests that the number of cryptocurrency exchange operations for cash will increase in Russia.
Since September 2021, the Central Bank of Russia has classified operations with crypto exchanges as suspicious and requires credit institutions to conduct thorough monitoring. If money laundering is suspected, a bank may block a client’s transactions and even terminate the contract.
At that time, the regulator announced plans to develop a mechanism to block payments to cryptocurrency exchanges and exchangers.
In 2023, a court in Russia already found a participant in a P2P transaction guilty of fraud.
In February 2024, the central bank recommended that commercial banks identify operations involving the purchase and sale of digital currencies using accounts registered to fictitious individuals.
Due to the increasing relevance of the issue, Sberbank clarified the procedure for unfreezing cards following cryptocurrency transactions.