MoneySwap

Bitcoin

Standard

<div class="cryptonews">
 Crypto exchanges in Estonia and Latvia reportedly helped Russians circumvent sanctions and convert rubles into other currencies.&nbsp;
 The&nbsp;investigation&nbsp;was conducted by Delfi (Estonia), Siena.lt (Lithuania), Frontstory.pl (Poland), Paper Trail Media, Der Spiegel and ZDF (Germany), Der Standard (Austria) and other European media.
 Journalists analyzed about 300 cryptocurrency companies registered in Estonia and found dozens of violations in their work.
 This includes fraudulent schemes, money laundering, <a rel="noopener noreferrer nofollow" href="https://thebittimes.com/tag/sanctions.html">sanctions</a> evasion, and financing of Russian organizations, particularly the&nbsp;Wagner PMC.
 The investigation reveals that more than €1 billion could have been laundered through Estonian crypto <a rel="noopener noreferrer nofollow" href="https://thebittimes.com/tag/exchanges.html">exchanges</a>.
 <blockquote class="wp-block-quote">
 “Between 2018-2023, Estonia has hosted international crypto firms and illicit actors responsible for more than a billion euros in damages according to US sanctions decisions, public claims, indictments, media, and victims.”
 </blockquote>
 One of the platforms alleged to have allowed Russians to circumvent sanctions is Coinsbit, the Estonian crypto exchange. The report claims users could readily convert Russian rubles to Bitcoin (BTC) without identity checks.
 <div class="cn-block-related-link"> You might also like: CommEX struggles to attract Russian clients as Binance exits
 </div>
 The investigation also mentions MEXC, an international cryptocurrency exchange.
 It is believed that the <a rel="noopener noreferrer nofollow" href="https://thebittimes.com/tag/exchange.html">exchange</a> does not allow withdrawals directly from wallets.
 However, it allowed clients to transfer virtual currencies to exchanges that cash out dollars and euros through European and American banking systems.
 The report also found video tutorials in Russian on bypassing <a rel="noopener noreferrer nofollow" href="https://thebittimes.com/tag/sanctions.html">sanctions</a> using Payeer. Payeer was working in Estonia and did not hide that it had millions of clients, many of whom were in Russia. However, after Estonia tightened its regulation of crypto <a rel="noopener noreferrer nofollow" href="https://thebittimes.com/tag/exchanges.html">exchanges</a> in 2022, many moved to neighboring Lithuania.
 Another international crypto-firm, MoneySwap OÜ, which operates the Mercuryo platform, allegedly created a new commercial structure in Lithuania — MoneyAmber UAB.
 However, a Mercuryo spokesman said the company has no business relations with Sberbank and takes an “unequivocal” position on the situation in Ukraine.
 <div class="cn-block-related-link"> You might also like: From compliance to complicity: How Binance’s Russian connection undermines sanctions | Opinion
 </div> Follow Us on Google News
</div>
Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/crypto-exchanges-in-estonia-and-lithuania-allegedly-helped-russians-circumvent-sanctions-tbt65223.html">https://thebittimes.com/crypto-exchanges-in-estonia-and-lithuania-allegedly-helped-russians-circumvent-sanctions-tbt65223.html</a>

Crypto exchanges in Estonia and Lithuania allegedly helped Russians circumvent sanctions

TheBitTimes

Other articles published on Oct 5, 2023

Join our free newsletter for daily crypto updates!