What's Hot

    Decrease in Ether supply contributed to its rebound above $1,800

    29.05.2023

    Singer Karen Mock hit the stage in a CryptoPunks dress

    28.05.2023

    Owners of 1 million Shiba Inu (SHIB) wallets suffer losses

    28.05.2023
    Facebook Twitter Instagram
    Monday, May 29
    Facebook Twitter Instagram
    Crypto News
    • Home
    • Bitcoin
    • Ethereum
      • Altcoins
      • ICO
    • Analytics
    • Blockchain
    • Other
      • DeFi
      • Mining
      • Regulators
      • Security
    Crypto News
    Home»Analytics»Wallets, exchangers and miners. How sanctions hit the crypto business
    2e75a594120ae780f9e089df103af6746a24563d
    Analytics

    Wallets, exchangers and miners. How sanctions hit the crypto business

    AdministratorBy Administrator05.03.2022No Comments4 Mins Read
    Share
    Facebook Twitter LinkedIn Pinterest Email


    Reading time: ~2 m


    Why trust in centralized crypto exchanges has been undermined, exchangers and p2p platforms are preparing for an influx of users, and miners have benefited after the weakening of the ruble

    Wallets exchangers and miners How sanctions hit the crypto business

    After the start of the military operation on the territory of Ukraine, Western countries tightened anti-Russian sanctions, and some cryptocurrency services began to impose restrictions against users from Russia. For example, various restrictions against the Russians were introduced by BTC-Alpha, KUNA, CEX IO and Qmall crypto exchanges. Also, the largest South Korean exchanges blacklisted Russian IP addresses.

    Coinbase, Binance, and EXMO have said they will not block all Russian users, but will only impose restrictions on individuals on the sanctions lists. Also, users began to report problems with access to the MetaMask cryptocurrency wallet. At the end of February, a warning appeared on the service website that MetaMask might not work in some jurisdictions due to sanctions.

    Representatives of the cryptocurrency industry told RBC-Crypto how recent events have affected the crypto business.

    Undermining confidence in crypto exchanges

    In 2022, the crypto industry may face a new challenge – undermining trust in centralized trading platforms, Viktor Pershikov, a leading analyst at 8848 Invest, predicted. According to him, any user from Russia or another country can be blocked on the crypto exchange, since there is a high risk of mixing his cryptocurrency with digital coins of persons from the sanctions list.

    “Exchanges are a big cauldron of different cryptocurrencies, clean and dirty, and now any user is at risk of being associated with assets of a sanctions kind,” the analyst said.

    Centralized crypto exchanges have long been in the circulation of world regulators, law enforcement agencies, and there is no need to talk about anonymity, decentralization and reliability, Pershikov added. Given this, traders have already begun to leave such trading platforms and move to decentralized crypto exchanges, the analyst claims.

    According to Pershikov, in the near future, the popularity of decentralized exchanges will only grow, as will the value of their internal tokens. At the same time, the growth prospect of centralized crypto exchange tokens, such as BNB, will clearly decline, the analyst added.

    Rise of crypto exchanges

    The tightening of anti-Russian sanctions did not affect the activities of cryptocurrency exchange offices, said Nikita Zuborev, senior analyst at Bestchange.ru. According to him, despite the limitation of the MetaMask wallet in some countries, this service is far from being the most popular among Russian users. The analyst recalled that MetaMask is a non-custodial service that provides the client with private keys.

    “With the help of private keys, a crypto investor can access the wallet in any other non-custodial service. That is, the restriction is purely technical in nature – the reluctance to work with citizens of certain countries, and not the actual freezing of funds, ”said Zuborev.

    Therefore, it is not possible to completely ban cryptocurrency transactions in sanctions jurisdictions, the analyst believes. According to him, in such conditions, the over-the-counter segment of the market, in particular, exchange offices and p2p platforms, will feel especially free and comfortable. Such services have always been more loyal to the terms and conditions of service, and also quite flexible.

    “In a situation of a total ban, they will be able to take over the entire volume served today by cryptocurrency exchanges and custodial crypto services. And traders will be able to switch to apolitical decentralized exchanges,” Zuborev summed up.

    Miners in the black

    Cryptocurrency mining cannot be banned by any sanctions, says Jahon Khabilov, CEO of the Sigmapool mining pool. According to him, the US and European authorities have no leverage to put pressure on Russian miners. The weakening of the ruble plays into the hands of the miners, since the cost of electricity is “cheaper” for them, the expert explained.

    “The derivative of the mining process is a cryptocurrency, which now costs almost twice as much in ruble terms. No matter how cynical it may sound, the current sanctions play into the hands of miners,” Khabilov said.

    Restrictions on the banking system have also practically not affected the miners, as they try not to link their income with banking structures due to the uncertainty in the legal status of cryptocurrencies.




    #Wallets #exchangers #miners #sanctions #hit #crypto #business

    business crypto exchangers hit Miners Sanctions wallets
    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
    Avatar of Administrator
    Administrator

    Related Posts

    Singer Karen Mock hit the stage in a CryptoPunks dress

    28.05.2023

    Owners of 1 million Shiba Inu (SHIB) wallets suffer losses

    28.05.2023

    “Bitcoin is unlikely to hit all-time highs this year”

    28.05.2023

    ChatGPT predicts a sevenfold increase in the price of XRP in 2023

    28.05.2023
    Add A Comment

    Leave A Reply Cancel Reply

    Recent Posts
    • Decrease in Ether supply contributed to its rebound above $1,800
    • Singer Karen Mock hit the stage in a CryptoPunks dress
    • Owners of 1 million Shiba Inu (SHIB) wallets suffer losses
    • “Bitcoin is unlikely to hit all-time highs this year”
    • the community celebrated Bitcoin Pizza Day, and Ledger recognized the possibility of government access to assets in the wallet
    Recent Comments
    • 수원출장 on A professor from a US university restored the Tornado Cash code to GitHub
    • 123 on Taproot support added to LND Lightning client
    • houston junk car buyer on 16,000% increase in social media mentions in 2021 Shiba inu
    • Jim Carrey Memy on Bitwise Launches NFT Tracking Index Fund
    • hotshot bald cop on Kava developers launch testnet with EVM support
    Archives
    • May 2023
    • April 2023
    • March 2023
    • February 2023
    • January 2023
    • December 2022
    • November 2022
    • October 2022
    • September 2022
    • August 2022
    • July 2022
    • June 2022
    • May 2022
    • April 2022
    • March 2022
    • February 2022
    • January 2022
    • December 2021
    • November 2021
    • October 2021
    • September 2021
    • August 2021
    • July 2021
    • June 2021
    • May 2021
    • April 2021
    • March 2021
    • February 2021
    • January 2021
    • December 2020
    Categories
    • Altcoins
    • Analytics
    • Bitcoin
    • Blockchain
    • Ethereum
    • ICO
    • Mining
    • Other
    • Regulators
    • Security
    Meta
    • Log in
    • Entries feed
    • Comments feed
    • WordPress.org
    Top Posts

    Subscribe to Updates

    Get the latest sports news from SportsSite about soccer, football and tennis.

    Advertisement
    Demo
    Facebook Twitter Instagram Telegram
    • Home
    • Bitcoin
    • Ethereum
    • ICO
    © 2023 Bt-Crow.com - CryptoNews

    Type above and press Enter to search. Press Esc to cancel.