Russia set to block overseas crypto exchanges in sweeping crackdown

Russia could soon block its citizens from using overseas cryptocurrency exchanges as part of a wider crackdown on the sector, according to industry experts.

Speaking to local media outlet RBC, senior analyst Nikita Zuborev from the Russian crypto exchange Bestchange told that the country’s internet and media regulator, Roskomnadzor, may begin mass blocking of foreign crypto exchange websites as early as this summer.

The move is expected as lawmakers prepare new rules during the upcoming spring session of the State Duma.

Policymakers say the legislation will ban transactions carried out on crypto trading platforms that are not registered in Russia.

A ban on overseas exchanges would mark another step in the Kremlin’s tightening control over foreign online services.

Authorities have already moved against messaging platforms such as Telegram and WhatsApp, while also trying to limit the use of virtual private networks that allow users to bypass restrictions.

Earlier this month, Russia’s finance ministry said the daily value of crypto transactions by Russians had reached about $648m.

Because the sector remains largely unregulated in the country, the ministry said these trades are carried out either on unregistered domestic platforms or on exchanges abroad.