Recent hearing of the court session claimed that few crypto exchanges are providing illegal crypto transactions and cash out facilities which are against the rules and regulations of the Russians Act.
The Russian government is much aware about the associated crypto related unfair activities. Recently they revoked many illegal crypto operations like pyramid schemes based on ponzi concepts with the Bitcoin payments. Now Russia is going to encounter all illegal service provider crypto exchanges.
In the regional court hearing, it is found that blacklisted crypto exchanges have options for their customers to provide the crypto cashout and many types of private crypto payments. So doing business with the crypto in the offline mode may lead into money laundering activities.
In the blacklisted crypto platforms, there are around 17 crypto exchanges. And they may soon be blocked by the private telecom regulatory authority, Roskomnadzor. While there is a notice by the Roskomnadzor that they will ban the platform if they will not delete the illegal web information to allow cash out and illegal way of payments.
So if action will be taken by the regulators, then a total of 17 crypto exchanges will face issues forever. Reports also stated that these crypto exchanges not only allow payments through illegal ways but also give their services without registration of the users i.e totally an anonymous way to services that can lead into many illegal activities like terrorist funding easily.
“Any user can get acquainted with the content and copy the materials in electronic form. There are no restrictions on their transfer, copying and distribution,”Court stated in the hearing
Digital Rights Center, a law firm hired by the few crypto exchanges of Russia, claimed that no one crypto exchange informed to appear in the court about these issues and also no notice & order released for them. So the Digital Rights Centre will file a request to cancel these decisions and also further proceed with proper information about the issues.