• Transparency International (TI) recently conducted an investigation into no-questions-asked transfers between Moscow and London, finding that several Russian crypto exchanges were willing to exchange crypto for cash.
• The primary goal of the investigation was to understand which exchanges would accept cash, exchange stablecoins, and offer the possibility to sell them back for cash abroad.
• TI suggested that using USDT as a stablecoin offers “safe haven” qualities due to its large market share, anonymity and lack of risk related to exchange rate fluctuations connected with Bitcoin and altcoins.
Investigation Into Crypto For Cash Scandal
The non-profit organization Transparency International (TI) recently conducted an investigation into no questions asked transfers between Moscow and London. This investigation revealed that several Russian crypto exchanges are willing to facilitate anonymous crypto for cash trades in London.
Primary Goal Of Investigation
The primary goal of TI’s investigation was to understand how many of these exchanges accept cash, exchange stablecoins, and offer the possibility to sell stablecoins back for cash abroad. In particular, investigators looked for the possibility of getting cash in London in exchange for USDT stablecoin.
Crypto Offers Safe Transfer Out Of Country
TI stated that crypto offers Russians „a way to safely transfer their money“ out of the country by circumventing $10,000 cash limits placed at airports. As Bitcoin and altcoins are subject to volatility risk, TI suggested that USDT is a safe haven due to its large market share and anonymity when transferring funds out of Russia.
21 Exchanges Located In Moscow City District
Investigators identified 21 crypto exchanges located in the Moscow City district of Russia’s capital. Further analysis revealed that 8 exchanges were willing to accept fiat currency from buyers purchasing USDT or USDC on their platform without asking any questions about the origin of their funds or identity verification processes on either side of the transaction.
Although TI seemed suspicious about these transactions, it is worth noting that people may desire privacy when transacting without having criminal intentions. While it’s illegal not report income or taxes in certain situations depending on jurisdiction, there are still legitimate reasons why someone might wish anonymity when transacting via cryptocurrency or otherwise.