​Russia’s number of fraudulent crypto exchangers rises by 3 times in a year

What’s new? The number of fraudulent crypto exchangers working with Russians has increased significantly on the web. From February to March, according to Informzaschita, the share of unscrupulous transactions increased by half and shows an upward trend. And according to Positive Technologies company calculations, the number of fraudulent exchangers has tripled in just one year. One of the most popular ways to cheat is to create fake exchanger aggregators to divert users to fake services. The newspaper Kommersant reported, citing the statements of experts.

Kommersant’s material

What else is known? Among the main violations on the part of the exchangers, experts identify the presence of hidden fees, the difference between exhibited and real quotations, the long execution of the exchange, or outright deception, when users do not receive funds after the transfer.

Russians more often buy other people’s accounts on crypto exchanges to bypass sanctions

The cost of the accounts ranges from $50 to $300, depending on the availability of verification

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According to InDeFi Smart Bank CEO Sergey Mendeleev, the increase in the number of unscrupulous exchangers is due to an increase in the volume of crypto-fiat transactions. And Oleg Ogienko, top executive of BitRiver, believes that fraudsters have become more active due to the explosive growth of demand for cryptocurrency purchase and sale operations in Russia, which arose as a result of sanctions.

As the main measures to protect against fraudsters, experts recommend checking the availability of the exchanger on the sites of popular aggregators, such as Bestchange or Exnode. In addition, even in a verified exchanger, one should not exchange amounts greater than 1 million Russian rubles, believes Mendeleev. Market participants also warned users against exchanging cryptocurrencies at unrealistic rates and advised them to study reviews of exchangers on crypto forums.

Crypto traders will be required to identify themselves with their passports in Russia

State Duma deputy Anatoly Aksakov announced this

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BitRiver believes that the regulation of exchange platforms by the state will protect users from unscrupulous players.

Earlier it became known that the State Duma of the Russian Federation is discussing the creation of a national crypto exchange. According to Deputy Anton Tkachev, it will allow legalizing gray capital and increase contributions to the budget. In turn, the Ministry of Finance proposed to introduce penalties for the illegal organization of crypto exchanges, the maximum of which is imprisonment for up to seven years.