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Russia Blocks Access to Largest Crypto Aggregator Platform
Roskomnadzor, Russia’s communications watchdog, has blocked access to BestChange, the country’s largest crypto over-the-counter aggregator platform.
As of now, the regulator has not provided a reason for the block, but the website is listed among the blocked platforms. BestChange’s lawyers are working to unblock the website, but the reason behind the ban remains undisclosed.
Background on BestChange
Founded in 2007, BestChange is one of the oldest and largest aggregators of crypto OTC platforms in Eastern Europe and Russia. The platform has been blocked before, first in 2017 by a St. Petersburg court, which claimed that Bitcoin was a monetary surrogate and the irreversible nature of blockchain transactions made enforcement challenging.
The ban was lifted in 2018, but in 2019, Roskomnadzor blocked BestChange again, only to remove the restriction a few months later.
Recent Developments in Russian Crypto Regulations
The current ban comes almost six months after Russia introduced a new law on Bitcoin mining and crypto ads. The law restricts ads for digital assets and services that facilitate the transfer of cryptocurrencies using Russian infrastructure.
Following the introduction of the law, Russia’s largest search engine, Yandex, updated its ad policy to ban promotions for:
- Crypto exchanges
- Smart contracts
- Mining
- Initial coin offerings
- Services that track wallets for money laundering
Russia’s crypto landscape is subject to frequent changes in regulations. As the country continues to navigate its crypto policies, users and investors are advised to stay informed and adapt to the evolving landscape.
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