Russians are flocking to United Arab Emirates (UAE) crypto platforms in an attempt to safeguard their fortunes, requesting that crypto firms liquidate billions of dollars.
Similarly, some of them wish to purchase real estate in the UAE, while others wish to convert their assets into fiat currency and conceal them.
In the last 10 days, an exchange has received an excessive number of inquiries from Swiss brokers requesting to liquidate Bitcoins worth billions of dollars because they are concerned that Swiss authorities may freeze the cash. The requests were all for $2 billion or more, according to the firm.
According to the platform’s executive, they receive one significant transaction request every month on average, and he said:
We’ve had like five or six in the past two weeks. None of them have come off yet – they’ve sort of fallen over at the last minute, which is not rare – but we’ve never had this much interest.
The executive also mentioned;
We have one guy – I don’t know who he is, but he came through a broker – and they’re like, ‘we want to sell 125,000 bitcoin’. And I’m like, ‘what? That’s $6 billion, guys’. And they’re like, ‘yeah, we’re going to send it to a company in Australia.
On the other side, the supervisor of Switzerland’s market has refused to pass comments on crypto transaction volumes.
According to the country’s Secretariat of Economic Affairs (SECO), digital assets are subject to the same sanctions as traditional holdings of Russian users and individuals, therefore funds of sanctioned persons must be frozen in Switzerland.
Dubai becomes safe heaven for Russians
Dubai, a Gulf economic hub with a burgeoning crypto industry, has refused to pick sides between Moscow and its Western allies. This has given Russians a chance to save their investments in the country.
In addition, a real estate broker who worked with a cryptocurrency firm to allow customers buy at their leisure stated:
We’ve been seeing a lot of Russians and even Belarusians coming to Dubai and bringing whatever they can bring, even in crypto.
A financial source of UAE addressed that many people have been buying properties in Dubai, using cryptocurrency to get their money out of jurisdictions safely in the Gulf state.
Cryptocurrency exchanges throughout the world are blocking Russian accounts that the West has sanctioned as a result of the Russia-Ukraine conflict, dubbed “Special Operation” by Russia.
Similarly, the world’s largest crypto exchanges, such as Binance and Coinabase, have decided to abide by the sanctions, claiming that they do not want cryptocurrencies to be used as a means of evading them.
Cryptocurrencies, on the other hand, provide users with a great level of anonymity. That is why, this week, European powers like as Estonia and Germany asked for more oversight to uncover such loopholes and avoid penalty evasion.
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