Reuters: Russians are massively selling cryptocurrency in the UAE

Some Russian investors have started buying real estate in the Emirates for digital assets

13.03.2022 - 07:30

1 min

What’s new? Cryptocurrency companies in the United Arab Emirates have seen a large number of requests from Russians. The director of an unnamed crypto firm in Dubai told Reuters that they have received several requests from Swiss brokers to liquidate digital assets in recent days. The clients of these brokers are concerned that their accounts may be blocked and are asking for their digital assets to be converted to fiat currency.

Reuters’s material

What else is known about this situation? Reuters’s source claims that all requests for the sale of cryptocurrency come for at least $2 billion.

“We’ve had like five or six in the past two weeks. None of them have come off yet, but we’ve never had this much interest. We have one guy, who came through a broker and requested to sell 125 000 BTC. He wants to sell the coins and transfer the funds to Australia.”

It has also come to light that Russian investors have started using cryptocurrency to buy real estate in the Emirates.

The other day, the European Union included cryptocurrencies in a new package of sanctions against Russia. Some centralized exchanges have imposed a number of restrictions on users from Russia. Coinbase has blocked some 25 000 users believed by the platform to be linked to illegal activities.

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