Russia Tightens Cash Controls on Crypto Trading: Potential Disruptions Ahead

Russia has implemented a new rule requiring banks to flag suspicious ATM withdrawals and impose limits on daily cash withdrawals. Effective September 1, if a transaction appears questionable, banks will alert the customer and restrict withdrawals to ₽50,000 per day for 48 hours. While this measure aims to reduce fraud, experts warn it could disrupt crypto trading, especially for smaller exchanges and peer-to-peer platforms reliant on cash transactions. These stricter rules require adjustments to business models, pushing exchanges and platforms to find new solutions.