How do Russian banks treat incoming cryptocurrency transactions?

In recent years, Russian banks' attitude toward cryptocurrency transactions has changed significantly, but it remains quite cautious and regulated.

Russia still lacks comprehensive legislation directly regulating cryptocurrency transactions. Key regulatory acts, such as the Law on Digital Financial Assets (2020), allow the possession of cryptocurrencies but prohibit their use as a means of payment. This creates uncertainty regarding transactions on bank accounts.

Bank policies regarding incoming cryptocurrency transactions
- Verification of the source of funds. Banks carefully monitor incoming non-cash transfers related to cryptocurrency activities to avoid suspicion of money laundering and terrorist financing.
- Blocking and freezing accounts. In some cases, customers who receive funds from exchanges or other sources related to cryptocurrency have their bank accounts blocked or are required to confirm the legality of their transactions.
- Refusal of service. Some banks completely refuse to work with customers whose activities are directly related to cryptocurrencies in order to reduce risks and comply with regulatory requirements.

Why this attitude?
- Fear of sanctions and responsibility to the Central Bank of the Russian Federation.
- High risk of fraud and financial crimes.
- Lack of clear rules and risks of reputational damage.

With the adoption of new laws regulating the cryptocurrency market (for example, the possible introduction of AML and KYC rules for crypto transactions), banks' attitude may become more loyal. For now, most Russian banks are acting very cautiously.

Russian banks treat incoming cryptocurrency transactions with great restraint: transactions are subject to strict control, and blockages and additional checks are possible. For safe interaction with the banking system, cryptocurrency users should carefully document their transactions and work with banks that are willing to cooperate in this area.

As for the current situation, banks can indeed block accounts and restrict users' access to funds until the situation is clarified. Since cryptocurrency transactions are highly questionable, especially for banks, they may ask you to explain the origin of the funds. For example, when you make transactions through our service, you have a record of the transaction, and all information is strictly tracked, which effectively eliminates any questionable transfers, as each transaction is monitored by a guarantor.

In the current situation, if you use cryptocurrency, it is recommended that you be prepared to explain the origin of the funds, or set up electronic wallets and receive cryptocurrency exchanges on them, as they are more loyal to such transfers. If you are an honest person and do not engage in fraud, you have nothing to fear. The most practical thing is to have a number of friends who use both and exchange funds between themselves, which will give you 100% security and peace of mind.