Adjustments to P2P Platforms on Popular Crypto Exchanges in Russia
In August 2023, several popular crypto exchanges made changes to their peer-to-peer (P2P) platforms, specifically affecting ruble transactions. Here are the key points:
- Participants in the Russian crypto community turned to P2P platforms after Visa and MasterCard left the country, taking away the ability to use Russian bank cards on foreign platforms.
- P2P platforms allow users to trade directly with each other, bypassing the trading platform and the restrictions caused by the departure of Visa and MasterCard.
- Regulators viewed the interest in P2P platforms as a way to circumvent sanctions, leading to accusations against major exchanges like Binance.
- OKX removed the ruble from its P2P platform, but Russia is not a key market for them, so it wasn’t a significant sacrifice.
- Binance and other exchanges adjusted their P2P platform operations, prohibiting Russians from conducting transactions with currencies other than the ruble.
- Sanctioned Russian banks like Sberbank and Tinkoff disappeared from P2P platforms, possibly to avoid regulatory attention.
Hot Take: The adjustments to P2P platforms on popular crypto exchanges in Russia indicate the ongoing battle between regulators and crypto enthusiasts. While these changes may hinder some users, the crypto community will continue to find ways to adapt and navigate the evolving landscape.
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