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As per some recent reports, many Russian users are sending USDT to the UK. They are doing this with the help of several Cryptocurrency exchanges. Russians are using these exchanges as a medium to send people to the UK to send USDT. But what’s the reason behind such increased cases? Learn about this aspect through this blog!
Investigation Finds Out This Aspect
An investigation was carried out on all the exchanges which revealed this news. This investigation was done on all the exchanges present in the capital city of Russia. It reveals that every user of these exchanges who are buying Cryptos is ready to deliver currencies to London.
But, the investigation is unable to bring out the true identity of those users. This was stated in the investigation report by Transparency International Russia (TIR). As per this organization and The Bell, another media platform states that many exchanges are offering some unique services at present.
The services of these exchanges let Russians withdraw digital assets in the form of cash in London. The investigating organization states that, due to these services, transferring funds out of the nation has become quite easy now! And this feature is possible because of all the exchanges present in Moscow.
Are There Zero Restrictions?
You may now wonder if there are almost no restrictions on such easy movement of funds. But, there are strict controls and regulations for the movement of any funds moving out of Russia. Counter-sanctions and sanctions place these limitations on the fund movement out of the nation.
Despite these restrictions, almost eight Crypto exchanges in Russia are ready for this move. They will let their users transfer USDT out of Russia. The exchanges also mention that they will help in converting the assets into cash to deliver in London.
How Are These Exchanges Making The Conversion Possible?
When the TIR carried out the investigation and recruited some undercover agents, some interesting facts were found. The agents revealed that they were not required to provide any kind of documents and passports for transferring the funds! This is quite a shocking part and reveals interesting facts about the exchanges.
Rather, the exchanges ask for some particular details. These questions may include details about the collector of the funds, like what they will wear or the serial number of banknotes!
The investigation also reveals that all such UK-based couriers were prominent and of Russian origin. And they carried out the discussion about handover and other details on Telegram alone!
A Glimpse Of Some Exchanges
The best example of such a Russian-based exchange is that of the Suex. In 2021, this exchange had to face US sanctions. This is because Washington assumes that this exchange has links with money laundering actions and helps its users do the same.
The organization also adds a note here about Suex. It states that as the platform fails to provide any customer details, they are violating the anti-money laundering rules of Britain.
Investigation Finds Trace Of Such Activities
The researchers of the organization are capable of tracing some of the wallets associated with these exchanges. After this, they are also able to trace the history of such digital wallets.
After having a view of the history of such wallets, the researchers found that many wallets even transferred USDT worth 470,000 USD! Besides that, the investigation highlights that these exchanges have aided in transferring small amounts of less popular Cryptos.
Conclusion
Amidst such activities, the Russian government AML agency states that it is monitoring around 25,000 suspected users. All these users are under suspicion of carrying out AML activities.
These facts highlight that Russians are more actively transferring their funds outside the nation. Also, these exchanges are facilitating these activities without asking for any KYC or other details of the users while transferring the same. And this calls for strict scrutiny in the nation.
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