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Russian Crypto Exchange Transactions in 2023
Russian crypto exchange transactions amounted to almost $52 billion in 2023, according to the nation’s Central Bank.
Overview of Transactions
The bank reported that over $51.67 billion worth of Bitcoin (BTC) and Ethereum (ETH) transactions on “large crypto exchanges” were potentially traceable to Russian citizens.
Usage of Major Crypto Exchanges
Despite the reported transactions, most Russians do not utilize major crypto exchanges for trading, indicating that the actual figure could be higher.
Russian Crypto Exchange Use vs. P2P Market
The Central Bank highlighted the dominance of the peer-to-peer (P2P) market as the primary channel for acquiring cryptoassets in Russia.
Data Analysis by the Central Bank
The bank’s analysis was based on data from the blockchain analytics tool Prograchniy Blockchain, developed by Rosfinmonitoring, the nation’s anti-money laundering agency.
Recent Trends
In June 2023, a Russian IT firm reported significant daily crypto trades on the P2P market, while the Central Bank observed a decline in Russians using major overseas crypto exchange platforms.
Ian is a cryptocurrency enthusiast blending humor with professionalism. With an engineering background and a storyteller's heart, he simplifies the blockchain world with sharp analysis and a touch of wit. At Cryptowire, he brings his unique perspective to make digital financial innovation accessible to all.
