According to Odaily Planet Daily, the Russian central bank stated that it is winning the fight against P2P cryptocurrency exchanges, with the number of high-risk P2P transactions decreasing by 2.8 times compared to 2023.
The central bank noted in its latest financial stability assessment that the economic performance in the second and third quarters of FY 2024 shows positive results. This year, the central bank has worked with commercial banks to prevent dozens of transactions related to P2P trading platforms.
Despite several cryptocurrency laws being enacted in Moscow, the exchange market remains unregulated and highly decentralized. In June 2023, a cybersecurity platform stated that Russian traders' daily trading volume is approximately $296 million.
Additionally, traffic to global cryptocurrency platform websites from Russian IP addresses increased by 56.5%, reaching 166.9 million visits. Russian visitors account for 7.5% of visitors to major global cryptocurrency trading platforms.
In the third quarter of 2024, the estimated balance of cryptocurrency wallets held by Russians is expected to decrease by 16%, holding approximately $6.1 billion, of which 69% is Bitcoin, and the remainder is Ethereum (21%) and stablecoins (10%).
