Russian Banks Start Checking Firms Against Non-Existent Crypto Registry

Russian banks have begun scrutinizing companies using USDT, asking them to justify the economic rationale of their transactions, disclose the origin of the cryptocurrency, and verify the status of their counterparties. The checks are being carried out against a crypto exchange registry that does not yet exist — the Central Bank's register is only expected to appear in the autumn.

Crypto expert Viktor Pershikov told ForkLog that banks currently have the right to inquire about a wide range of details, including the source of crypto funds. “They are simply hedging their bets ahead of the new rules,” he said.

According to Pershikov, banks should not refuse to service such foreign economic activity operations starting September 1, provided that the company’s documentation is in order. The development signals a gradual tightening of oversight for crypto-related business activities in Russia.