Belarus blocks ByBit, Bitget, OKX as Russia clamps down on crypto gray area

Adrian Zmudzinski 2 minutes ago Belarus blocks ByBit, Bitget, OKX as Russia clamps down on crypto gray area Belarus blocked major crypto exchange domains the same day Russia signaled it may ease regulated crypto access requirements while clamping down on the gray market. Listen 0:00 News COINTELEGRAPH IN YOUR SOCIAL FEED The Belarusian Ministry of Information has blocked access to crypto exchanges Bybit, OKX, Bitget, Gate, Bingx and Weex, it said on Thursday. According to a government announcement, the ministry has restricted access to the global domains of several crypto exchanges, citing “inappropriate advertising” under Article 511 of the Law on Mass Media. Belarus' government announcement on Thursday. Source: Ministry of Information of the Republic of Belarus Cointelegraph reached out to the blocked exchanges but had not received responses at the time of publication. Belarus is a close ally of Russia on the world stage. The domain restriction comes on the same day that Vladimir Chistyukhin, first deputy chairman at the Central Bank of Russia, told state-backed outlet RIA Novosti that it “agreed to allow qualified investors” into the crypto market. The remarks build on recent reports that the institution was considering easing restrictions on cryptocurrencies in response to the sweeping sanctions imposed on the country. Russia disclosed plans in late April to allow crypto access only to “super-qualified investor s,” defined by wealth and income thresholds of over 100 million rubles ($1.2 million) or an annual income of at least 50 million rubles ($630,000), effectively limiting participation to high-net-worth individuals. Related: EU sanctions Russian A7A5 stablecoin and crypto exchanges Russia’s central bank sees crypto’s utility Chistyukhin said a “crucial point that cannot be ignored” is that “cryptocurrencies are currently being used not only as an investment but also as a means of cross-border payments.” His comments echoed recent statements over allowing broader crypto access in Russia as a response to the international sanctions: “We certainly want to protect Russian retail investors as much as possible from transactions with such a risky asset. On the other hand, we understand that, under the current circumstances, some international payments can only be made using cryptocurrency.“ Chistyukhin said there are currently about one million qualified investors able to access crypto assets in Russia, noting that investors would also be assessed on their knowledge of cryptocurrencies. He conceded that allowing non-qualified investors to access crypto is on the table, but said it would require extreme caution. “Specifically, such investors could be granted access only to the most liquid instruments,” he said. Chistyukhin highlighted the need for “establishing strict restrictions and prohibitions” and said “it’s expected that cryptocurrency transactions will be conducted primarily through existing market participants, under existing licenses,” adding that “anything outside this framework will be considered illegal.“ Magazine: When privacy and AML laws conflict: Crypto projects’ impossible choice # Bank of Russia # Russia # Belarus # Regulation Add reaction