Topic: The role of crypto exchanges in this war after removing the Russia from Swift (Read 356 times)

The centralized system is great if it's in good hands but was there a time when it was in goods hands? Definitely, there were some but in hundreds of cases, the centralized system was never in good hands.

Definitely, the world will try to decentralize from one power and instead make more and more centralized unions: USA/Canada and probably some other countries together, European Union with France/Germany leadership together, Russia and some post-soviet countries together, etc.

The role of bitcoin in Russia has been blown out of proportion, partly because of the sanctions and partly because of some of the official statements made about using bitcoin for payments. In the end the world has been moving from centralization of power (eg. 1 SWIFT for the whole world) to a multipolar world where the power isn't so centralized. All these sanctions are speeding up that process.
We now know that Russia has forced all the European countries that sanctioned Russia but continue paying them to do it using their currency (Ruble). I don't know what payment system they use but it is not SWIFT...

Why is there so much silence in the forum. Seems like no one is much interested in war and affects.
I wish to hear more about what members think about the topic. Looking fwd.

These options may not offer a real alternative to Russia, given that the number of subscribers to the swift system is much greater than the number of subscribers to the Russian system. The real crisis for Russia as a result of the sanctions began with the activation of this decision, and according to the current situation, Russia is looking for an alternative.
I also don't think cryptocurrency exchanges really offer an alternative that can be tapped into for a country the size of Russia.

All this shitty situation is going perfectly in favor of China who are still remaining weirdly quiet, but they have several alternative options for SWIFT.
They even have system called UnionPay that can be used as alternative for MasterCard and Visa, and they have agreement cooperation with big countries like India and Russia.

US, European Union and their allies have agreed to cut off major Russian banks from SWIFT.
SWIFT means "Society for Worldwide Interbank Financial Telecommunication".

Short and Important information:
1. Swift is based in Belgium and facilitates transactions between 11 000 banks and financial institutions over 200 countries and territories.
2. In full-year 2021, SWIFT recorded an average of 42.0 million FIN messages per day.
3. More than 1 percent of those messages are thought to involve Russian payments.
4. Oil and Gas exports make up to 40% of the country’s revenue (3rd largest oil producer).
5. The largest Russian Oil and Gas importers won't be able to pay Russia after the Swift ban.
6. Russian alternative to Swift is SPFS - "Russia’s System for Transfer of Financial Messages". This system only works within Russia.
7. Russia will be able to trade with China since it has it's own payment system called CIPS - Cross-Border Interbank Payment System.

A lot of people say that an alternative for Russia can be a bitcoin but without a doubt, those countries who agree to ban Russia from Swift, won't use cryptocurrencies. I believe that other countries will not move their hand on cryptocurrencies to trade with Russia.

But Bitcoin and other cryptocurrencies can be used by individuals to send/receive money from Russia to other countries. You need an exchange and/or crypto ATM to convert money into USD or RUB. What if major exchanges like Binance, Coinbase, HitBTC will ban fiat withdrawals for Russia or even ban Russian accounts and/or people with Russian passports? Will US, EU and allies discuss this task? Can it have a significant effect on Russia?

EDIT: If this topic better belongs to Politics & Society or Economics board, moderators, please move it.

All this shitty situation is going perfectly in favor of China who are still remaining weirdly quiet, but they have several alternative options for SWIFT.
They even have system called UnionPay that can be used as alternative for MasterCard and Visa, and they have agreement cooperation with big countries like India and Russia.
I don't think they will switch to using crypto exchanges for several reasons, one of them is not having full control over them, except if they are used only for trading centralized government garbage coins.
I wouldn't trust any centralized exchange and it's always better to have coins on your own wallet that you can control.

By the way, are there any crypto exchanges based in Russia? Is there a list somewhere?

What they stated was that they were not going to ban the entire country at the moment simply because the Ukraine government asked them to. They have not and can not rule out banning Russian users in the future. They already ban specific users, and could ban more individual users at any time. The Ukrainian government have also they are pursuing legal action to force Binance to block Russian users. If faced with a choice of removing service to Russia, or having their operations restricted across the rest of Europe, North America, Australia, etc., then it is obvious which one they are going to pick.

but Russians don't have to panic as Binance has clearly stated that they wouldn't be implementing a ban on Russian users.

Russians should be aware that such a requirement could be imminent.

I apologize if it's a stupid question, but how exactly can exchanges ban fiat withdrawals for Russian accounts? This would mean that all exchanges have KYC of their customers but this is not always the case.

By the way, are there any crypto exchanges based in Russia? Is there a list somewhere?

I'm not sure what the connection between CREX24 exchange and 1xBET is, and personally I doubt there is any, but I don't know the case.

*SNIP*

I looked at the Exchanges(russia) board, none of them tried to list the trading exchanges (spot/futures/ect). But instant bitcoin to RUB/USDT exchange service platforms seem to be found on the board a lot. So, Russians have an alternative to exchanging their bitcoins.

The result of the investigation is the evidence that CREX24 cryptocurrency exchange is developed and supported by the Russian company Bryansksoft LLC which owns the rights to the 1X trademark and also develops projects for the 1xBet bookmaker. The company has a close legal and factual relation to 1xBet, whose owners are on the international wanted list.

Bryansksoft LLC is actually a part of 1xBet developing and maintaining 1xBet and CREX24 services. The CREX24 exchange was most likely created to launder funds received in the criminal activities of 1xBet.

-snip-
But Bitcoin and other cryptocurrencies can be used by individuals to send/receive money from Russia to other countries. You need an exchange and/or crypto ATM to convert money into USD or RUB. What if major exchanges like Binance, Coinbase, HitBTC will ban fiat withdrawals for Russia or even ban Russian accounts and/or people with Russian passports? Will US, EU and allies discuss this task? Can it have a significant effect on Russia?

-snip-

By the way, are there any crypto exchanges based in Russia? Is there a list somewhere?

What if major exchanges like Binance, Coinbase, HitBTC will ban fiat withdrawals for Russia

What if major exchanges like Binance, Coinbase, HitBTC will ban fiat withdrawals for Russia or even ban Russian accounts and/or people with Russian passports?

But Bitcoin and other cryptocurrencies can be used by individuals to send/receive money from Russia to other countries. You need an exchange and/or crypto ATM to convert money into USD or RUB. What if major exchanges like Binance, Coinbase, HitBTC will ban fiat withdrawals for Russia or even ban Russian accounts and/or people with Russian passports? Will US, EU and allies discuss this task? Can it have a significant effect on Russia?

But Bitcoin and other cryptocurrencies can be used by individuals to send/receive money from Russia to other countries. You need an exchange and/or crypto ATM to convert money into USD or RUB. What if major exchanges like Binance, Coinbase, HitBTC will ban fiat withdrawals for Russia or even ban Russian accounts and/or people with Russian passports? Will US, EU and allies discuss this task? Can it have a significant effect on Russia?