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Introduction
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.
Protest at Federation Tower
The protest occurred on April 26 at the Federation Tower, where Beribit’s office is located. Clients demanded the return of approximately 400 million rubles ($5.3 million), which they could not withdraw for several days. The inability to retrieve funds contrasts sharply with the more straightforward deposit processes, escalating investor frustrations and leading to public unrest.
Response from Beribit and Police Involvement
In a tense situation, efforts by Beribit staff to exit the office through alternative 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.
Exchange’s Financial Troubles
Following recent management changes, Beribit announced on its official Telegram 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 verification processes, which they claim has caused a backlog of requests.
Legislative Developments and National Security Concerns
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 cryptocurrency 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.
Implications and Future of Beribit
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.