Russian | Crypto

The Russian government says it will not enact any further crypto mining bans, despite talk of further regional restrictions on miners. The post Russian Gov’t Rules Out Further Regional Crypto Mining Bans appeared first on Cryptonews.

The U.S. Treasury’s Office of Foreign Assets Control sanctioned multiple companies and individuals accused of using stablecoins to help Russia skirt international sanctions tied to its war in Ukraine on Aug. 14. The designations target both Russian-linked businesses and foreign intermediaries alleged to have facilitated large-scale cross-border transactions for sanctioned entities. The move highlights OFAC’s […] The post OFAC targets Kyrgyzstan-based firms, stablecoins over Russian sanctions violations appeared first on CryptoSlate.

Iurii Gugnin allegedly used fake documents to bypass sanctions and launder $530 million for Russian clients. In the process, he deceived US banks. Iurii Gugnin allegedly used his crypto firm to move $530 million through US banks and crypto exchanges using Tether (USDT), facilitating payments for Russian clients tied to sanctioned banks. Gugnin allegedly failed to implement AML regulations and didn’t file suspicious activity reports (SARs), violating the Bank Secrecy Act and misleading financial institutions. Gugnin also reportedly accessed websites that provided information on indicators of criminal investigation and methods for detecting law enforcement surveillance. Read more

Rostec, the Russian defense and technology conglomerate, announced on July 3 that it will introduce a ruble-pegged stablecoin and a linked payment network this year, utilizing Tron infrastructure. According to the Russian news agency TASS, Rostec named the token RUBx and set a one-to-one exchange rate with the ruble.  Deputy General Director Alexander Nazarov stated that the corporation […] The post Russian defense conglomerate Rostec to launch ruble-pegged stablecoin on TRON appeared first on CryptoSlate.

Two major Russian insurance firms, Renaissance Life and BCS Life Insurance, have launched investment life insurance policies (ILIPs) linked to Bitcoin, according to a July 2 local media report. According to the report, the innovative policies allow investors to gain exposure to BlackRock’s iShares Bitcoin Trust (IBIT), the largest Bitcoin ETF by assets under management. […] The post Russian insurance firms unveil investment life policies tied to Bitcoin appeared first on CryptoSlate.

With a $151 million market cap, A7A5 has reportedly been involved in $9.3 billion of transactions with Grinex, the supposed successor to the sanctioned Garantex exchange. A7A5, a new Russian ruble-backed stablecoin, has reportedly emerged as a major transaction tool on Grinex, a crypto exchange widely seen as the successor to Russia’s sanctioned Garantex platform. Following the stablecoin’s launch in Kyrgyzstan in February, at least $9.3 billion worth of A7A5 (A7A5) has moved through Grinex, the Financial Times reported on Wednesday. Although Grinex has repeatedly denied links to Garantex, the exchange was allegedly crediting balances by users of the sanctioned Garantex, which was hit with a $27 million USDT freeze by Tether in March. Read more

Russian authorities found 95 mining rigs and a mobile transformer in a KamAZ truck illegally tapping power meant for a village in Buryatia. Authorities in Russia’s Republic of Buryatia have uncovered an illegal cryptocurrency mining operation hidden inside a KamAZ truck siphoning electricity meant for a nearby village. Discovered during a routine power line inspection in the Pribaikalsky District, the unauthorized setup was drawing electricity from a 10-kilovolt line, enough to supply a small village, according to Russian state-owned news agency TASS. Inside the truck, inspectors found 95 mining rigs and a mobile transformer station. Two individuals believed to be connected to the operation fled the scene in an SUV before police arrived. Read more

Sberbank, Russia’s largest lender, has introduced a new structured bond product offering exposure to Bitcoin (BTC), marking a significant step in integrating cryptocurrency-linked instruments into the country’s regulated financial ecosystem. The product, currently available on the over-the-counter market to a limited pool of qualified investors, allows returns based on the performance of Bitcoin’s US dollar […] The post Russian giant Sberbank launches Bitcoin bonds to expand Russian exposure to crypto appeared first on CryptoSlate.

South Korean police arrested a Russian national in Busan after a failed $730,000 crypto robbery in Seoul. South Korean authorities have arrested one of three Russian nationals accused of an attempted robbery during a fake crypto deal in Seoul. The suspects allegedly lured Korean investors to a hotel, where they tried to steal 1 billion won (approximately $730,000) in cash. The Gangseo Police Precinct in Seoul detained a man in his 20s in Busan on May 27, according to a report by local news outlet JoongAng Daily. The suspect faces charges of assault and attempted robbery. The other two suspects reportedly fled South Korea shortly after the incident. According to investigators, the robbery attempt occurred on May 21 at a hotel in Seoul’s Gangseo District. The suspects posed as participants in a peer-to-peer crypto transaction and invited 10 Korean men to the hotel. Read more