Russians are Trying to Exchange Their Crypto in the UAE – Media

Crypto exchanges in the UAE received countless applications from Russian citizens to convert digital assets into fiat or withdraw to buy real estate, Yahoo! Finance reports citing Reuters.

One of the leaders of the crypto exchange claims that in a few days he received a number of requests from Swiss brokers to liquidate billions of Bitcoins (BTC). According to him, one of the requests was for 125,000 BTC (~6 billion dollars), and the broker said that he intended to send this money, reportedly to the account of an Australian company.

According to Reuters, some Russians want to buy real estate in the UAE with the help of cryptocurrencies. Dubai has been a popular country for Russians for years, and they were among the top visitors and property buyers there long before the invasion of Ukraine took place.

Journalists suspect that in this way the Russians are trying to save their crypto assets from sanctions freezing, since the Swiss Secretariat for Economic Affairs confirmed that the restrictive measures introduced also imply the freezing of cryptocurrencies of citizens who fell under sanctions. FINMA did not comment on the situation.

The agency recalled that the UAE did not support the sanctions against Russia because of the war in Ukraine. This led to a surge in the activity of Russians and Belarusians in the country.

The UAE presidential adviser Anwar Gargash said last month that the Gulf state “believes that taking sides will only lead to more violence” and that the UAE has focused on “encouraging all parties to resort to diplomatic action.”

On February 24, Russia carried out a paramilitary invasion of Ukraine on several fronts, shelling Kharkiv, Kyiv, Sumy, Chernihiv, Vinnytsia and other cities of various calibres.

The Ukrainian army is holding back the invasion of the enemy. From the hottest spots, the civilian population is trying to evacuate to other cities or even countries.

The world community organized to help the refugees and the Ukrainian army and imposed strict sanctions against Russia.

The BTC-Alpha team together with trusted volunteer communities created a charity fund ‘‘Alpha for Ukraine’. You can make a donation to help everyone in Ukraine who needs medicines, humanitarian aid and to support the defence of the country.

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