Moscow targets traders importing Tether's USDT from abroad

Russia’s banks have started cracking down on cryptocurrency traders obtaining Tether abroad and selling it for cash on the domestic market. The stablecoin is quite popular in the Russian Federation, where sanctions are limiting access to fiat finances and traditional cross-border payments. The dollar-pegged token is one of the three leading cryptocurrencies recently approved for use by retail investors in Russia, alongside Bitcoin and Ethereum. Russian banks target trading scheme involving Tether Russia’s banking system is now clamping down on an arbitrage scheme to acquire Tether (USDT) in neighboring nations and sell it for rubles in the country. The Central Bank of Russia (CBR) and commercial banks, many of which are majority state-owned, have begun blocking such transactions, local media revealed Monday.

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