The cryptocurrency market has been experiencing fluctuations lately in Russia. The financial scandal and customer revolts experienced by Beribit, one of the country’s largest cryptocurrency exchanges, led to the consideration of a bill in the State Duma to ban Bitcoin and altcoin exchanges. This development has become a source of great concern for Bitcoin and altcoin investors and market participants.
Could cryptocurrency exchanges be banned in Russia? Beribit scandal debates are heating up
Discussions about cryptocurrency exchanges are heating up in Russia. The financial scandal and customer revolts experienced by Beribit, one of the country’s largest Bitcoin and altcoin exchanges, led to the consideration of a bill to ban cryptocurrency exchanges in the State Duma. Troubles for Beribit began in late March, when Russian authorities raided its offices in connection with the Crocus City Hall terrorist attack.
Following a change in leadership, Beribit, an officially licensed exchange, announced on Telegram that discrepancies were found in the company’s financial statements and required an audit. The situation in Beribit is out of control. According to the Russian-language newspaper Gazeta.Ru, more than 50 angry customers stormed the exchange’s office to demand the return of their funds totaling more than $4 million. In the videos circulating on social media, it can be seen that customers were given chocolates instead of their money and promises were made that the deposits would be paid within 1-15 days.
What is the latest situation in Beribit?
According to the news, Beribit employees tried to escape from the back door in panic, but were blocked by customers who took action to call the police. Beribit claims that it has since started processing withdrawal requests and the first batch of payments has reached customers. But some sources suggest that the only customers who received money were those who filed police reports. This incident further raises concerns about Beribit’s financial situation and the future of the cryptocurrency exchange becomes uncertain.
In the shadow of this scandal, Russian State Duma lawmakers have introduced a bill that would ban cryptocurrency exchanges in the country. The bill would continue to allow government-registered crypto transactions and mining firms, but would also ban Bitcoin and altcoin advertising. In response to the proposed ban, another lawmaker claimed that such a ban would undermine Russia’s national security interests. He argued that banning cryptocurrency exchanges could lead to Russia’s isolation from the global financial system and an increase in illegal cryptocurrency activities.
The future of cryptocurrency exchanges remains uncertain in Russia. The Beribit scandal shook confidence in the Bitcoin and altcoin market, and the bill became a source of concern for cryptocurrency investors. It is expected that discussions on the bill will continue in the coming weeks and Russia’s future role in the cryptocurrency market will become clear.
To be informed about the latest developments, follow us Twitter’in, Facebookin and InstagramFollow on . Telegram And YouTube Join our channel.