Russian Banks Crack Down on USDT Purchases

Russian banks are tightening control over crypto transactions of legal entities by asking for details on USDT purchases.

According to participants in the banking market and the crypto exchange market, companies are receiving requests from their banks to explain the economic purpose of buying USDT and confirm the status of the counterparty who transferred the cryptocurrency.

Banks are also requiring clients to provide confirmation that the counterparty is included in the register of digital currency exchange operators of the Bank of Russia. However, the register itself does not yet exist as the Bank of Russia is only preparing the regulatory framework for the new regulation.