Future

2024

April

Security

<h2 class="wp-block-heading" id="introduction">Introduction</h2>
<p>Over 50 clients of the Russian crypto exchange Beribit tried to stage a protest at the company’s office in Moscow, expressing their discontent as Russian officials consider a comprehensive ban on crypto exchange operations.</p>
<h2 class="wp-block-heading" id="protest-at-federation-tower">Protest at Federation Tower</h2>
<p>The protest occurred on April 26 at the Federation Tower, where Beribit’s office is located. Clients demanded the return of <a href="https://btc-pulse.com/price-prediction/shiba-inu-price-prediction-2040/" rel="noopener noreferrer nofollow">approximately </a>400 million rubles ($5.3 million), which they could not withdraw for several days. The inability to retrieve funds <a href="https://btc-pulse.com/european-nations-lead-google-bitcoin-halving-crypto/" rel="noopener noreferrer nofollow">contrasts </a>sharply with the more straightforward deposit processes, escalating investor frustrations and leading to public unrest.</p>
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   <p lang="en" dir="ltr">In Moscow, depositors of the crypto exchange Beribit were given chocolates instead of money<br><br>Approximately $4.3 million of investors' funds are frozen in the accounts of the crypto exchange. Customers have been storming the office for the second day, demanding their money back.… <a href="https://t.co/udvlommsOI" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/udvlommsOI</a></p>— NEXTA (@nexta_tv) <a href="https://twitter.com/nexta_tv/status/1784236911604736396?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">April 27, 2024</a>
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<h2 class="wp-block-heading" id="response-from-beribit-and-police-involvement">Response from Beribit and Police Involvement</h2>
<p>In a tense situation, efforts by Beribit staff to exit the office through <a href="https://btc-pulse.com/dtcc-halts-collateral-bitcoin-linked-etfs-shaking/" rel="noopener noreferrer nofollow">alternative </a>routes were blocked by irate investors, leading to the police stepping in to manage the crowd. Additionally, a video circulated on Telegram showing disgruntled clients being handed chocolates instead of cash as a peculiar form of compensation.</p>
<h2 class="wp-block-heading" id="exchange-s-financial-troubles">Exchange’s Financial Troubles</h2>
<p>Following recent management changes, Beribit announced on its official <a href="https://twitter.com/nexta_tv/status/1784236911604736396" target="_blank" rel="noopener noreferrer nofollow">Telegram </a>channel that a series of discrepancies in its balance sheets were discovered. This led to a thorough audit and a temporary hold on all withdrawals as they insisted that clients undergo mandatory KYC/AML <a href="https://btc-pulse.com/price-prediction/ethereum-price-prediction-100000/" rel="noopener noreferrer nofollow">verification </a>processes, which they claim has caused a backlog of requests.</p>
<h2 class="wp-block-heading" id="legislative-developments-and-national-security-concerns">Legislative Developments and National Security Concerns</h2>
<p>Amid these events, a bill has been introduced in the State Duma that proposes a ban on crypto exchange operations but exempts crypto transactions and registered mining entities. It also seeks to ban <a href="https://btc-pulse.com/stripe-reignites-cryptocurrency-payments-usdc/" rel="noopener noreferrer nofollow">cryptocurrency </a>advertising. However, some legislators argue that such a ban could threaten national security by limiting Russia’s ability to procure defense assets and bypass sanctions through cryptocurrencies.</p>
<h2 class="wp-block-heading" id="implications-and-future-of-beribit">Implications and Future of Beribit</h2>
<p>Beribit, which facilitates ruble-crypto, peer-to-peer, USDT, and other asset trades, is facing increased scrutiny. This includes law enforcement raids linked to broader investigations, contributing to the current climate of uncertainty around the future of crypto exchanges in Russia.</p>

Turmoil at Beribit: Clients Protest as Russian Crypto Exchange Faces Possible Ban

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