The Bank of Russia, in its latest report, revealed a concerning rise in financial scams with crypto-related elements in 2023. The number of entities involved in
Crackdown On Illegal Financial Activities
The Bank of Russia also observed a decline in organizations providing property-secured loans, indicating a downward trend in this sector. Furthermore, the regulator identified 820 illegal forex dealers and 42 illegal brokers and managers.
It is alleged that many of these companies attract customers by offering the illusion of bidding on foreign forex sites. Fabricated ratings, where legal participants are mixed with illegal entities, further mislead consumers. In 2023, the Bank of Russia identified 48 such sites.
To counter the activities of illegal organizations and financial pyramids, the Bank of Russia has recommended that credit institutions apply anti-money laundering (AML) legislation to entities listed as engaging in illegal activities in the financial market.
These measures aim to reduce the lifespan of financial pyramids, impede fundraising by illegal financial service providers, and minimize the harm caused to citizens by such schemes.
To enforce its efforts, the central bank shares information about identified illegal participants and financial pyramids with law enforcement agencies, the Federal Antimonopoly Service of Russia (FAS Russia), and the Federal Service for Supervision of Communications, Information Technology, and Mass Media (Roskomnadzor).
As of 2023, the Bank of Russia’s actions have opened more than 125 criminal cases and over 620 administrative cases and implemented over 1,300 other response measures.
Additionally, access to more than 11,200 online resources belonging to illegal participants and financial pyramids has been restricted.
The daily chart shows the total crypto market cap’s surge above $1.8 trillion. Source: TOTAL on TradingView.com
Featured image from Shutterstock, chart from TradingView.com
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Author: Ronaldo Marquez