A survey of no-question money transfers between Moscow and London found that several Russian cryptocurrency exchanges are actively supporting cash transactions.
of investigation Conducted by an NPO Transparency International (TI) aims to “end the injustice of corruption by promoting transparency, accountability and integrity.”
ironic title release report,”from Moscow city Using crypto: A step-by-step guide to receiving cash from Russia anonymously in londonInvestigators have detailed an attempt to buy USDT in Russia and exchange it for cash while physically present in the British capital.
“Our main goal is Of them, it offers the possibility to receive cash, exchange stablecoins, and convert them back to cash abroad.of Specifically, we looked for the possibility of getting cash in London in exchange for the USDT stablecoin. “
crypto for cash
TI believes that cryptocurrencies will help Russians “How to send money safelyy” outside the country. The method is advantageous because the crypto buyer’s source of income is poorly checked and it allows him to bypass the $10,000 cash limit placed at the airport, the nonprofit said.
Bitcoin and altcoins are exposed to volatility risk, so TI said USDT, the largest stablecoin by market share, offers a “safe haven” nature for no-question money transfers. .
“USDT is a safe place for people who want to send money anonymously. Having money abroad from Russia and not wanting to take risks related to exchange rates Fluctuations related to BTC and altcoins. “
Investigators mentioned USDC, but the investigation insisted on using USDT to minimize interactions with chat operators and avoid arousing suspicion.
Despite hints that TI distrusts cryptocurrency cash transactions, remember that cash is the ultimate form of private transaction and seeking privacy is not inherently a crime. .
result
TI has identified 21 cryptocurrency exchanges located in the Moscow City district of the Russian capital. Further research found that 14 out of 21 exchanges offer an over-the-counter (OTC) service to exchange rubles for USDT in cash.
Cash exchange services were not publicly advertised, but TI found that 8 out of 21 exchanges were willing to facilitate a second phase of trading by exchanging USDT for cash in London. Did. Transactions were arranged through Telegram or live chat on each exchange’s website. The eight exchanges are:
- pride change
- bitok
- alpha exchange
- Finex24
- my change
- 24ExPay
- suex
- trust exchange
When I asked the virtual currency exchange for comment, Alfa.exchange, Pridechange, Trust-exchange, Mychange, Suex Did not respond.
24ExPay and Finex24 said they do not have any partners or offices in the UK and denied receiving instructions to exchange funds in London.
Bitokk responded by saying it would confirm the findings of the investigation, but insisted the company adheres to money laundering procedures as recommended by the Federal Action Task Force (FATF).
To combat abuse by criminals and terrorists, the FATF travel rules The June 2022 Standard recommends that exchanges (or virtual asset service providers) share relevant originator and beneficiary information along with virtual asset transactions.
TI was founded in May 1993 by former World Bank staff. Peter Elginheld the position of Regional Director.
