The Central Bank of Russia has recently expanded its database of financial market players suspected of illicit activities. Several crypto companies have been added to the list along with entities bearing signs of Ponzi schemes, as well as illegal credit organizations and forex dealers.
Central Bank of Russia Blacklists Crypto Platforms
As part of its monitoring of the financial sector, the Central of Russia (CBR) regularly identifies illegal financial services providers and warns Russian investors about fraudulent platforms. This week, the regulator added another 105 companies to its growing list of businesses showing “signs of illegal activities in the financial market.”
Among the new entries, the monetary authority has blacklisted a number of crypto companies. Most of them have been classified as resembling financial pyramid schemes. Bitflows, Bitkoresh, Bittrex-global, Crypto Invest Club, Idleminer, Miners Capital, and Money Miner fall under this category. Another entity, Bitford, has been designated as an “illegal professional participant in the securities market.”
The bank reminded the public that in order to offer most financial services in the Russian Federation, providers are required to obtain a license from the central bank or register with the regulator. “If this condition is not met, then, most likely, the organization operates illegally, and consumers can be deceived,” the authority says while also warning it’s not obliged by current law…