“We want to reassure them that we have a zero tolerance policy for crypto related transactions and we will report any suspicious activity to the relevant authorities, as required by AML legislation, including in Europe.”
KoronaPay has banned all crypto related transactions including cryptocurrency trading as the largest money transfer services across Europe and the CIS region reacts to the Central Bank of Russia’s position on crypto and its risks of financial losses and fraud.
The Russian central bank has started to examine the operations of Russian banks with cryptocurrency exchanges, which has led
KoronaPay to formally ban all crypto related transactions.
In addition, it deployed a specially designed anti-fraud tool that uses AI to monitor and block transactions with crypto exchanges.
According to the Central Bank of Russia, Russians are among the most active users in the cryptocurrency market with transaction volumes reaching $5 billion a year and the country ranking third in Bitcoin mining.
The central bank proposed a ban on the mining of cryptocurrencies as well as prohibit the payment of goods and services using digital currencies, including the issuance and exchange of cryptocurrencies. The Central Bank is also looking to introduce a ban on investing in cryptocurrencies.
Gleb Kozlov, Chief Executive Officer at KoronaPay Europe, said: “While regulators in some European countries are still relatively relaxed about the explosive growth of crypto,…
