Russian street currency speculators begin exchanging USDT for cash dollars

Sellers calculate the exchange rate on Binance indices, but at the same time trades are carried out directly

13.10.2022 - 10:15

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2 min

What’s new? Against the background of limited access to dollars and euros in Russia, street currency speculators began exchanging the Tether (USDT) stablecoin for cash dollars. According to BeInCrypto’s material, one of the street exchange offices was spotted in Sochi near the city market. According to the seller himself, he calculates the exchange rate according to the indices of the Binance crypto exchange and hands over the cash when the funds arrive at his address.

BeInCrypto’s material

More details about the situation. Journalists point out that this method of exchange is not safe. The seller can simply deceive the client by not paying him money after the transfer, or giving them counterfeit bills. In such cases, it will be very difficult to prove the fraudster’s guilt.

In this, the process of exchanging cryptocurrencies for Russians became more complicated after the introduction of the eighth package of EU sanctions. On October 6, the EU authorities completely banned cryptocurrency companies from providing services to customers from the Russian Federation, regardless of the amount of assets on their accounts.

After that, NFT platform Dapper began blocking the accounts of Russians with complete freezing of their assets. It was joined by the Finnish cryptocurrency exchange LocalBitcoins, Russian users have already started to receive emails with notifications about the termination of service.

To find out which exchanges impose restrictions on customers from the Russian Federation and how the new sanctions will affect users of hardware wallets, see GetBlock Magazine’s materials.

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