Russia: increased control of species that slows Crypto traders

Russia has introduced a new rule forcing banks to monitor withdrawals from automatic distributors to detect possible fraud. As of September 1ᵉʳ, if a transaction seems suspicious, banks must immediately alert the customer and limit cash withdrawals to ₽50,000 per day for 48 hours. Although this measure is considered a step towards reducing fraud, experts warn that it could affect crypto trading, in particular for small exchanges and peer-to-peer platforms which depend on cash transactions.

Banks report suspicious transactions

The Central Bank of Russia (CBR) underlined the urgent need to fight against fraudulent activities. In the second quarter of 2025, 273,100 scams were reported, totaling ₽6.3 billion. To remedy this, the CBR has published directives helping banks to identify potentially risky transactions.

• The withdrawals made at unusual hours, for unusual amounts, or in DABs rarely used by the customer must be considered as signs of alert by banks.
• The use of QR codes or virtual cards instead of conventional payment cards must be reported as a potential fraud indicator.
• Sudden changes in the telephone activity of a customer, in particular changes in call habits or an increase in messages from unknown numbers within six hours of withdrawal, must be considered a suspicious behavior.
• Cash withdrawals made shortly after subscription of a loan, increased withdrawal limits, receipt of transfers greater than ₽200,000 via the rapid payment system, or the early fence of a deposit must be recognized as possible signs of fraudulent activity.
• Modifying the telephone number for online banking or using a device whose characteristics have changed or infected with malware can also trigger alerts.

Impact on Crypto companies

Analysts warn that these measures could disrupt cryptographic operations depending on species. Denis Polyakov, responsible for the practice of the digital economy at GMT Legal, noted that crypto exchange platforms will have to adjust their commercial models. Large cash withdrawals are now largely limited to banking agencies, which could slow down transaction speeds and create challenges for those who handle species in the name of these platforms.

Despite these operational obstacles, legal changes are considered a more urgent concern. Ignat Likhunov, founder of the legal agency Cardsius, stressed that restrictions on cash withdrawals are not the main challenge for Crypto companies.

He added that the modified article 187 of the Russian Criminal Code, which governs the circulation of payment instruments, now makes it illegal the use of the bank card of another person. He noted that the Russian authorities have already started to question “financial mules”, and that the scope has extended to cryptocurrency traders.

Regulatory pressure and risks for Crypto traders

Cryptopolitan reported that Russia is strengthening controls on crypto, certain activities being now liable to sanctions, including restrictions on bank accounts. Likhunov suggests that Crypto traders can reduce their exposure using cards with an established transaction history and by limiting fund transfers to trust parties.

Likhunov also proposed a prediction on the future of crypto in Russia, suggesting that additional restrictions – even a total ban – could be introduced in the coming months. This vision aligns with the prudent approach of the Central Bank. In July, TASS reported the statements of the governor Elvira Nabiullina, who said that the Russian bank does not intend to invest in cryptocurrencies because of their volatility and their risk, while stressing that digital assets remain unsuitable for national payments.