Recently, several reports have emerged from Dubai saying that there’s been a surge in the requests from Russians to liquidate billions of dollars worth of digital assets. The news came after Russia’s ban on cryptocurrencies after its conflict with Ukraine.
The cryptocurrency firms believe that their Russian customers are concerned that Switzerland may block their accounts due to the sanctions imposed against Russia. According to the companies, all demands have been for more than $2 billion.
An executive from one of the cryptocurrency companies indicated that the company had received many requests for liquidating the assets throughout the past few weeks. The official went on to say that although the company used to handle transactions of this kind regularly, the multiple requests received in such a short period are pretty unusual.
Major cryptocurrency exchanges such as Binance and Coinbase have stated that they take the appropriate precautions to prevent using cryptocurrencies as tools to evade sanctions. They said that they are working with law enforcement to find a solution to the problem. However, authorities continue to fight for more regulations to close any potential exploitable gaps in the existing rules.
According to the reports, other Russians consider using their cryptocurrency holdings to purchase real estate in the UAE. Russians have been among the most frequent visitors to Dubai and owners of real estate there for many years, well before the conflict with Ukraine began. Dubai has been a favorite destination for Russians for many years.
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