Russians pay on crypto exchanges using cards from sanctioned banks – Kommersant
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Despite the sanctions imposed by popular crypto exchanges, Russians continue to use cards from sanctioned Russian banks to pay for transactions. This follows from data from the p2p services aggregator Monetory.io, which leads Forbes.
For the analysis, data was taken from open sources on the calculations of various means of payment when buying and selling the stablecoin USDT, pegged to the dollar, for rubles on the p2p services of the Binance, Bybit and Huobi exchanges. The period is from early May to early November.
Clients of crypto exchanges pay with cards from Sberbank, VTB, Tinkoff, Alfa Bank, Otkritie, PSB, Rosbank, Uralsib, MTS Bank, RSHB and other sanctioned banks. On exchanges that do not officially work with banks from Russia that are subject to restrictions, for example, Bybit, users indicate pseudonyms in orders as a means of payment or hide the name of the credit institution.
According to Forbes, on the Bybit p2p service from May to November, settlements using cards of sanctioned banks or banks with hidden names accounted for at least 52% of the median volume of orders placed to sell USDT and 47% of the median volume to buy USDT. On the Huobi exchange this figure is 56% and 64%, respectively, on the Binance exchange – 10% and 25%.
Binance announced its withdrawal from Russia and the sale of its Russian business to CommEX at the end of September. November 15 exchange stopped maintain fiat deposits in Russian rubles.
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