Crypto Exchange Platform BestChange in the Dark Over Russia Block
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Loading... - Fenella Ackerley
- 13 Feb 2025
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The cryptocurrency exchange platform BestChange has expressed uncertainty regarding the recent blocking of its website by Russia's communications watchdog, Roskomnadzor. The platform is currently in discussions with the central bank in an effort to understand the reasons behind the ban and to seek its removal.
In a statement released late on Monday, BestChange confirmed that its website, bestchange.ru, has been restricted in Russia. The company stated, "Unfortunately, we cannot account for the exact reason why this has happened." They are actively communicating with the central bank to clarify the situation and identify the cause of the block.
According to Roskomnadzor, the ban was implemented due to alleged legal violations "in the financial sphere." However, the agency did not provide specific details regarding the nature of these violations. BestChange speculated that the ban could be related to new regulations surrounding cryptocurrency or issues involving an entity that utilizes its services.
Despite the ban on circulating and advertising digital currencies in Russia, the country has made strides in legalizing certain aspects of cryptocurrency. In recent developments, Russia legalized cryptocurrency mining and introduced a tax framework that could generate up to 200 billion roubles (approximately $2 billion) annually from miners. However, the government has also imposed restrictions on crypto mining in some Siberian regions to mitigate power shortages.
Additionally, Russia has permitted businesses to use cryptocurrencies for international trade as part of its strategy to navigate Western sanctions that have led to payment delays. However, a trial period for this initiative has yet to commence.
As BestChange navigates this unexpected challenge, the situation highlights the complexities and evolving landscape of cryptocurrency regulation in Russia, where the legal status of digital currencies remains a contentious issue. The outcome of the discussions with the central bank and Roskomnadzor will be crucial in determining the future of the platform's operations within the country.
