Stop believing everything you read on the interwebs.
There is no reason to pull the "Cyprus" name out of a hat when writing the terms and conditions. These things are written by lawyers and essentially mean "if you are going to sue us, you'd have to find a law in this particular jurisdiction that we have broken, because we legally reside (i.e., have headquarters or are registered) there".
Lol, "no reason to pull the "Cyprus" name out of a hat"? It convinced you, did the job, so why not?
As far as "if you are going to sue us" goes, you need to know who "us" is before you can sue, and you don't
Re. "we aren't Russian citizens": So they're not Russian citizens & purportedly registered in Cyprus... What makes the exchange Russian again?