{"id":86910,"date":"2023-11-21T00:21:14","date_gmt":"2023-11-21T05:21:14","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/crypto-exchanges-work-with-russia-on-bankruptcy-cases\/"},"modified":"2023-11-21T00:21:16","modified_gmt":"2023-11-21T05:21:16","slug":"crypto-exchanges-work-with-russia-on-bankruptcy-cases","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=86910","title":{"rendered":"Crypto Exchanges \u2018Work with Russia\u2019 on Bankruptcy Cases"},"content":{"rendered":"<div>\n<figure id=\"attachment_133909\" aria-describedby=\"caption-attachment-133909\" style=\"width: 1500px\" class=\"wp-caption alignnone\"><noscript><\/noscript><figcaption id=\"caption-attachment-133909\" class=\"wp-caption-text\">Source: Oleg\/Adobe<\/figcaption><\/figure>\n<p>One of Russia\u2019s biggest banks says international crypto exchanges such as OKX, Bybit, and Bitstamp are \u201ccooperating with Russian arbitration managers\u201d in bankruptcy investigations.<\/p>\n<p>Per Vedomosti, the Sberbank enforcement and bankruptcy department chief Evgeny Akimov said that the Dubai-based Bybit, Bitstamp, the Singaporean platform Bitrue, the US-based Gate.io, and OKX, \u201ccooperate\u201d with Russian \u201cjustice officials.\u201d<\/p>\n<p>The Sberbank executive said exchanges are \u201cinforming\u201d Russian investigators \u201cabout clients\u2019 crypto wallets.\u201d<\/p>\n<p>Akimov added that these exchanges were happy to \u201ceven share\u201d wallet address data with investigators.<\/p>\n<p>Sberbank said it has struggled to collect \u201calternative assets\u201d such as crypto in bankruptcy cases in the past.<\/p>\n<p>But Akimov explained that banks like Sberbank have now started to approach exchanges directly.<\/p>\n<figure id=\"attachment_133912\" aria-describedby=\"caption-attachment-133912\" style=\"width: 640px\" class=\"wp-caption alignnone\"><noscript><\/noscript><figcaption id=\"caption-attachment-133912\" class=\"wp-caption-text\">A Sberbank ATM in Zvezdnyi Gorodok, Russia. (Source: Sergey Sebelev [CC BY-SA 4.0])<\/figcaption><\/figure>\n<p>However, he did not say whether dialogs with exchanges had helped the bank recover crypto from bankrupt firms or individuals.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">\ud83c\uddf7\ud83c\uddfa Russian Banks \u2018Fighting Back\u2019 Against Digital Ruble \u2013 Report<\/p>\n<p>Russian banks are reportedly \u201cfighting back\u201d against the digital ruble amid claims a CBDC launch would cost them $684 million a year.<a rel=\"nofollow\" href=\"https:\/\/twitter.com\/hashtag\/CryptoNews?src=hash&amp;ref_src=twsrc%5Etfw\">#CryptoNews<\/a> <a rel=\"nofollow\" href=\"https:\/\/twitter.com\/hashtag\/Russia?src=hash&amp;ref_src=twsrc%5Etfw\">#Russia<\/a> <a rel=\"nofollow\" href=\"https:\/\/twitter.com\/hashtag\/news?src=hash&amp;ref_src=twsrc%5Etfw\">#news<\/a>https:\/\/t.co\/lxWqlZxplo<\/p>\n<p>\u2014 Cryptonews.com (@cryptonews) <a rel=\"nofollow\" href=\"https:\/\/twitter.com\/cryptonews\/status\/1724359749225902201?ref_src=twsrc%5Etfw\">November 14, 2023<\/a><\/p>\n<\/blockquote>\n<h2>How Easily Can Russian Arbitration Managers Seize Crypto from Exchanges?<\/h2>\n<p><span class=\"replacer\"><\/span><br \/>Other Russian banks, financial experts, and legal observers said a lack of crypto regulation was holding banks back.<\/p>\n<p>The Sberbank rival VTB Bank noted that \u201cmore and more borrowers\u201d now \u201cstore\u201d their \u201cfunds as crypto.\u201d<\/p>\n<p>And this makes confiscation difficult for bailiffs \u201cbecause [crypto\u2019s] legal status is not regulated,\u201d the bank said.<\/p>\n<p>Russian bailiffs and prosecutors were both given new crypto confiscation powers earlier this year.<\/p>\n<p>But many of these new powers are yet to come into effect, leaving banks powerless to act in many cases.<\/p>\n<p>And crypto still has no official legal status in the country, due to a long impasse between government factions.<\/p>\n<p>VTB called for new protocols \u201cfor collecting cryptocurrency,\u201d adding that these \u201cshould be created quickly.\u201d<\/p>\n<p>Eduard Davydov, a senior partner at the Emet Law Firm said that \u201cin practice,\u201d some Russian bankruptcy cases have seen courts approve \u201cthe direct sale of cryptocurrencies\u201d on crypto exchanges.<\/p>\n<p>Mikhail Zhuzhalov, a senior lawyer at Tomashevskaya &amp; Partners, claimed that it was \u201csimple\u201d for managers to seize crypto stored in offline cold wallets.<\/p>\n<p>But he added seizing coins was \u201cdifficult\u201d if tokens are stored in hot wallets, as this involves \u201cthird parties\u201d like exchanges and wallet providers.<\/p>\n<div class=\"newsletter home-newsletter single\">\n<div class=\"left-side\">\n<p>\n        <em><br \/>\n            Enter your email for our Free Daily Newsletter        <\/em>\n    <\/p>\n<p> A quick 3min read about today&#8217;s crypto news!<\/p>\n<p>    <span class=\"response-msg\" id=\"newsletter-response\"><\/span>\n<\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/>Read the full article <a href=\"https:\/\/cryptonews.com\/news\/crypto-exchanges-including-okx-bybit-bitstamp-working-with-russian-arbitrators-on-bankruptcy-cases.htm\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Source: Oleg\/Adobe One of Russia\u2019s biggest banks says international crypto exchanges such as OKX, Bybit, and Bitstamp are \u201ccooperating with Russian arbitration managers\u201d in bankruptcy investigations. Per Vedomosti, the Sberbank enforcement and bankruptcy department chief Evgeny Akimov said that the Dubai-based Bybit, Bitstamp, the Singaporean platform Bitrue, the US-based Gate.io, and OKX, \u201ccooperate\u201d with Russian [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":86911,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[243],"tags":[83],"class_list":["post-86910","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","tag-featured"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Crypto Exchanges \u2018Work with Russia\u2019 on Bankruptcy Cases | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Source: Oleg\/Adobe One of Russia\u2019s biggest banks says international crypto exchanges such as OKX, Bybit, and Bitstamp are 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