🌎 Russian No-KYC Crypto Platforms Multiply

Russian No-KYC Crypto Trading Platforms Continue to Emerge

Russian-language no-KYC (Know Your Customer) crypto exchanges continue to pop up, often as rebranded versions of previously shut-down platforms, despite repeated crackdowns. According to blockchain forensic firm Chainalysis, these new platforms are emerging to replace those that have been shut down, but overall inflows have declined, suggesting that U.S. and international sanctions are having an impact.

Characteristics of New Platforms

The newly-reopened platforms typically operate in Russian and often work with sanctioned Russian banks. However, they usually lack incorporation or registration details, making it challenging to determine their legal jurisdiction.

Prevalence of No-KYC Platforms

Chainalysis reports that over 100 no-KYC Russian platforms were active in 2024, with more than $1.5 billion in value received. While the firm did not provide exact numbers on the emergence of new platforms or changes in their volumes, their graph suggests a decline in overall inflows despite the increase in new platforms.

Regulatory Crackdowns

In early February, the Russian telecoms watchdog Roskomnadzor blocked access to BestChange, one of the largest crypto over-the-counter aggregators in Eastern Europe and Russia. This ban came almost six months after Russia introduced a new law on Bitcoin mining and crypto ads, which blocks ads for digital assets and anything that helps move crypto around, including services that let users transfer it using Russian infrastructure.

Concerns Over Data Collection

Bitcoin miners in Russia are not thrilled about a new government registry that’s scooping up sensitive data, including crypto wallet addresses, under new rules. If leaked, it could be a “big gift to our geopolitical opponents,” warned Anton Gorelkin, a Russian lawmaker overseeing information policy.

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