Some Russian Banks Conduct Compliance Inquiries Regarding Customer USDT Transactions

Some banks in Russia serving import and export enterprises have begun requiring customers to explain the economic purpose of USDT transactions and verify whether cryptocurrency counterparties are digital currency exchange operators registered with the Central Bank of Russia. As the relevant registration mechanism has not yet been formally established, the market believes such requirements currently lack a practical basis for enforcement. Analysts pointed out that this reflects banks are preparing for compliance ahead of the new cryptocurrency regulations taking effect on September 1, and the relevant level of scrutiny may continue to rise.