Article Summary
Russia’s AML agency, Rosfinmonitoring, has warned Russians that cryptocurrency exchanges and brokers operating in the country are providing police with transaction data. Although crypto exchanges are currently unregulated in Russia, Tisen of Rosfinmonitoring claims that exchanges are pre-empting future regulations by admitting to sending customer information “at the request of law enforcement and government agencies.” She added that police do not need court orders to obtain crypto exchange customer data, and that “all crypto platforms with offices in Russia” interact with authorities. Rosfinmonitoring also plans to grant commercial banks access to its blockchain analytics tool, Transparent Blockchain, to monitor personal bank accounts before the end of the year.
What This Means for You
- Russian citizens should be aware that their crypto transactions may be monitored and shared with law enforcement.
- Crypto exchanges and brokers operating in Russia should ensure transparency and compliance with international standards when interacting with authorities.
- Commercial banks in Russia will soon have access to Rosfinmonitoring’s blockchain analytics tool, which can monitor personal bank accounts for crypto transactions.
- While countries like Russia are increasing their monitoring of crypto transactions, it is crucial for users to stay informed and take necessary precautions to protect their privacy.
Original Post
Warning for Russians: Crypto Exchanges Are Working With Police
Moscow’s AML agency has warned Russians that crypto exchanges and brokers operating in the country are providing police with transaction data.
Per the Russian media outlet RBC, the claim came from Olga Tisen, head of the legal department of the Federal Service for Financial Monitoring (Rosfinmonitoring).
Warning for Russians: Crypto Exchanges Are Working With Police
Tisen was speaking at the St. Petersburg International Legal Forum, currently underway at the city’s ExpoForum Convention and Exhibition Center.
Tisen said that the “anonymity of crypto transfers is a myth.” She claimed that even though Russia has yet to regulate crypto exchanges and brokers, platform operators “disclose all data on the owners of crypto wallets at the request of law enforcement agencies.”
Key Terms
- Crypto exchanges
- AML agency
- Transaction data
- Blockchain analytics
- Russian ruble
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