Bybit exchange began blocking accounts of users from Russia

Cryptocurrency exchange Bybit has started blocking accounts of users from Russia. The restrictions affected around ten addresses holding a total of more than 50 million rubles. The largest blocked account contains over 500,000 USDT.

According to Baza, at least 10 Russian users have contacted lawyers due to the account freezes on Bybit. The exchange has not disclosed the reasons for the restrictions. Customer support also does not provide explanations and states that fund verification may take up to 30 days. The first blocks began in early March.

Users stated that they operate professionally in the crypto market and that the funds on the platform had passed AML checks. However, despite обращения to support, no explanations for the restrictions were provided. Owners of the blocked accounts have sought legal assistance.

It is worth noting that Bybit has no offices or representatives in Russia. The company’s headquarters is located in Dubai, so the situation may be related to geopolitical factors.

“These events indicate the need to create infrastructure within Russian jurisdiction for storing, exchanging, and trading digital currencies. It is estimated that Russian citizens hold up to 3 trillion rubles in crypto assets, and such assets are exposed to restriction risks due to external factors,” said Andrey Loboda, a member of RASO and the commission on mining and blockchain technologies of the Russian Chamber of Commerce and Industry.

Last autumn, Bybit’s European division restricted account opening for users from Russia, as well as several other countries, including Belarus, North Korea, and Iran.

See also: "Liquidity fluctuations in the crypto market! Billions of USDT deposited on Binance"

#Bybit #Cryptowallet

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