Media: Japanese holding SBI, which ceased mining in Siberia, cooperated with BitRiver

SBI's connection to the sanctioned US data center operator was reported by anonymous sources from CoinDesk

26.08.2022 - 16:40

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2 min

What’s new? Japan's largest online broker SBI Holdings Inc. ceased its mining activities in Russia and severed ties with BitRiver, a US-sanctioned data center operator. SBI's cryptocurrency mining equipment was located at BitRiver's sites in Siberia. This was reported by CoinDesk, citing anonymous sources.

Information on CoinDesk's website

What else does the publication say? According to an SBI spokesperson, the company suspended mining in Siberia shortly after February 24. This resulted in a loss of 9,7 billion yen (about $72 million). Previously, SBI Holdings had kept its relationship with BitRiver a secret. After the organizations stopped cooperating, CoinDesk reporters sent an official request to SBI Holdings' email. A company spokesperson responded:

“The SBI Group has already stopped all mining in Siberia. And we are not mining in the rest of Russia. As for any other information, I’m afraid I cannot disclose.”

What is known about SBI? It is a Japanese group of companies providing financial services, founded in 1999. In April 2011, SBI went public on the Hong Kong Stock Exchange. In June of the same year, the group bought 50% of the Russian Obibank (United Investment Bank). In 2018, together with the British fintech company Wirex, it issued Visa bitcoin cards in the Japanese market.

Earlier, representatives of SBI Holdings Inc. said they would close cryptocurrency mining operations in Russia and sell off all equipment. The company noted that the geopolitical situation created uncertainty regarding the development of mining in Siberia.

Shortly after US authorities imposed restrictions against BitRiver, US mining company Compass Mining Inc. announced that it would sell its equipment located in Siberia to avoid sanctions.

In July, the US urged Japan to increase pressure on local cryptocurrency exchanges and mining companies to stop financial transactions with Russia.

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