Starting September 1, Russia has enforced new rules requiring banks to monitor cash withdrawal transactions for potential fraud. These measures may complicate cryptocurrency operations.
Monitoring Suspicious Transactions
The Central Bank of Russia (CBR) emphasizes the need to combat fraudulent activities. In 2025, fraudsters executed 273,100 scams totaling ₽6.3 billion. Banks should consider the following warning signs:
- Withdrawals made at unusual times or for uncommon amounts; - Use of QR codes or virtual cards instead of regular payment cards; - Sudden changes in a customer’s phone activity including increased messages from unknown numbers prior to withdrawals.
Impact on Crypto Businesses
Analysts warn that these measures could disrupt cash-dependent cryptocurrency operations. Denis Polyakov, head of digital economy practice at GMT Legal, noted that crypto exchanges will need to adapt their business models. Consequently, large cash withdrawals are now largely restricted to bank branches, which may slow transaction speeds.
Regulatory Pressure and Risks for Traders
According to Cryptopolitan, Russia is tightening controls over crypto, with new penalties for suspicious transactions. Ignat Likhunov, founder of the Cartesius legal agency, recommends that traders use cards with established transaction histories and limit fund transfers to trusted parties. He also predicts that additional restrictions or even a full ban on cryptocurrency may be implemented in the near future.
The new cash withdrawal regulations in Russia pose significant challenges for the cryptocurrency sector, necessitating adaptation to the changed landscape. Amid increasing scrutiny, cryptocurrency traders must remain vigilant in their financial operations.
