Russian Bank to Trade Crypto Overseas Despite Regulations

The state-owned russian bank Sberbank is going to sell well-known cryptocurrencies to customers abroad
31 January 2018   539

Sberbank is the largest state-owned bank in Russia and third largest in Europe with the major part of Sberbank subsidiaries (52%) owned by Russian Government. Russian laws prohibit trading cryptocurrencies, and selling crypto within the country is illegal, but Sberbank does not want to lose the possibility to provide their services for clients.

Andrey Shemetov, Sberbank’s Head of Global Markets, claimed that the bank is developing a strategy for trading cryptocurrencies overseas in order to avoid violating domestic rules. Sberbank aspires to satisfy the interests of clients that is why it needs to gain access to a wide range of products.

Anton Siluanov, the Minister of Finance of Russia, published draft law on the regulation of digital assets in Russia that is expected come into force in September of 2018.

The only solution found for crypto trading is Swiss branch of Sberbank called AG. Moreover, Sberbank’s Head of Global Markets said that Swiss colleagues were setting up an infrastructure for trading cryptocurrency. As a first step, the product will be available only to legal entities.

Cryptopia to Resume Trading Temporary

Trading lasted few hours and has been stopped, and the company itself has not made any announcements on this matter
18 March 2019   36

Hacked cryptocurrency exchange Cryptopia temporarily resumed trading on this Monday, according to information from the order book on its website. To date, trading has been stopped, and the company itself has not made any announcements on this matter. The total volume of transactions on the exchange, which ceased trading services about two months ago, in the last 24 hours amounted to a little more than 10 BTC.

In a message not related to today's test launch of trades, the exchange announced that it would send letters to all clients affected by the hacker attack. A copy of the letter is available on the Cryptopia website. In it, the exchange describes the circumstances of the hacking and its further actions.

The company also confirmed that it will pay damages to affected users. Customers who kept cryptocurrency stolen from the exchange will see in their accounts withdrawal records without transaction identifiers, reflecting the extent of the damage. They will get Cryptopia Loss Marker (CLM), which are records in the database of payments due to them.

According to the announcement, the company expects to proceed with the payment of compensation and resume trading until the end of the month after the completion of the necessary legal procedures.