LocalBitcoins Exchange Gets Blacklisted In Russia: Report

The popular LocalBitcoins exchange gets blacklisted in Russia, in one of its key markets as a peer-to-peer crypto exchange so let’s read more in our latest cryptocurrency news.

LocalBitcoins is no longer available in Russia without using additional tools like VPN. The LocalBitcoins exchange gets blacklisted in Russia as local telecom regulator Roskomnadzor placed the URL on a register of platforms disseminating prohibited information. According to the data, the website was blacklisted on July 21 after an order of the Onezhsky City Court of the Arkhangelsk region.

It’s still not clear when exactly will Roskomnadzor limit access to the official website of the exchange. Some local reports claim that LocalBitcoins users in Russia started experiencing difficulties in accessing the website in late September 2020. The exchange has not released an official statement yet regarding the website being blocked in the country. The executives of the company have not immediately responded to requests for comments on the issue.

Since the exchange is now blacklisted in Russia, the company risks losing one of its biggest markets. In June 2020, LocalBitcoins executives said that Russia was the top trading volume market on the platform in May and April 2020. Alongside handling huge amounts of crypto operations in Russia, the Finnish crypto exchange was accused of being a major destination for illicit funds. According to reports by CipherTrace, LocalBitcoins received more than 99% of criminal funds among Finnish exchanges in the first five months this year. Jukka Blomberg who is the chief marketing officer at LocalBitcoins claimed that the darknet-related transactions on the platform dropped by 70% this year.
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Roskomnadzor blacklisted the website of Binance which is the biggest crypto exchange in the world. Binance announced the news a month ago, stating that the site was blacklisted because of the distribution of data related to the acquisition of digital currencies like BTC.

As recently reported, the government has taken a new turn – and the finance ministry proposes a set of measures that are somehow drastic. Interestingly, the new draft of Russian law could take 30% of the BTC of users if they haven’t reported it for taxes. The ministry proposes a set of measures that could see a failure to report crypto holdings made illegal, and punishable with potentially massive fines. According to reports by Kommersant, under new draft legislation put by the ministry, undeclared crypto ownership could be punishable with fees.