Russia’s communications agency Roskomnadzor has once again blocked BestChange the country’s largest cryptocurrency aggregator While the official reason has not yet been disclosed the platform is now listed among restricted websites
Founded in 2007 BestChange is one of the leading services for over the counter OTC crypto trading in Russia and Eastern Europe A spokesperson for the platform stated that the legal team is already working to restore access but did not provide further details on the reason for the ban
This is not the first time BestChange has faced restrictions in Russia The platform was initially blocked in 2017 when a St Petersburg court ruled that Bitcoin was a monetary substitute arguing that blockchain’s irreversible transactions made regulatory enforcement difficult The ban was lifted in 2018 only for Roskomnadzor to block it again in 2019 before lifting the restriction a few months later
Now in 2024 the latest ban comes just months after Russia passed a new law restricting cryptocurrency related advertising and tightening regulations on Bitcoin mining This legislation prohibits ads for digital assets and any services that facilitate crypto transactions within Russia
Following the law’s introduction Yandex Russia’s largest search engine swiftly updated its advertising policy banning promotions for crypto exchanges smart contracts Bitcoin mining initial coin offerings ICOs and wallet tracking services for compliance purposes
The Russian government appears intent on limiting the reach and accessibility of digital assets making it harder for both investors and businesses in the sector
For Russian crypto users this creates an environment of uncertainty Without clear guidelines even well established platforms can be banned overnight However despite the crackdown crypto adoption in Russia continues to rise A weak ruble economic sanctions and the search for decentralized financial alternatives have fueled increasing interest in digital assets
As restrictions on centralized platforms grow more users are shifting to decentralized solutions such as P2P exchanges DEXs and VPNs to bypass restrictions This demonstrates that even under strict regulations the crypto space continues to evolve and adapt
The BestChange case is yet another example of Russia’s contradictory stance on cryptocurrencies While some nations embrace innovation the Russian government continues to erect barriers that in the end may only encourage the use of tools beyond its control The key question remains will this ban be temporary once again or does it signal a definitive shift in Russia’s crypto regulation strategy
