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Cash cryptocurrency exchange market prevails in Russia — expert

Alexey Korolenko recommended using only legal infrastructure for fund withdrawals

MOSCOW, October 1. /TASS/. The cash market for cryptocurrency exchanges predominates in Russia, and not all exchange offices in Moscow-City have ceased operations, Executive Director of Cifra Markets Alexey Korolenko told TASS.

"Not all exchange offices in Moscow-City have ceased operations because there are actually a huge number of them, and it is simply impossible to claim that all have stopped functioning, as it is impossible to collect information on every single office. But yes, you can definitely talk about the largest ones, especially those that were in the news," the expert emphasized.

At the same time, in his assessment, the cash cryptocurrency exchange market dominates in Russia. "In terms of volume, it ranges from several hundred million to several billion dollars daily, and how much passes through Moscow-City is once again difficult to determine. What needs to be understood is that Moscow-City is a key hub through which the lion’s share of the entire gray cryptocurrency turnover passes," he added.

Korolenko also recommended using only legal infrastructure for fund withdrawals. "Use only what is legally permitted and what guarantees transparency and security," the expert concluded.

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