Financial pyramids in Russia take advantage of Western sanctions and popularity of crypto.
Over Half of This Year’s Financial Pyramids in Russia Involved Crypto, Bank of Russia Finds
in the Russian Federation during the first half of the year, or 537 entities, raised funds in various cryptocurrencies or advertised crypto investments, a report devoted to countering illegal activities in the country’s financial market reveals. The paper has been published by the Central Bank of Russia .
Russians were looking for alternative ways to invest, and the response to this demand came in the form of new financial pyramids. The monetary authority explained that these were mostly small-scale schemes with a short lifespan. Crypto is not the only area such entities have been interested in, as 671 of them targeted the securities market. According to the CBR, these companies often pretend to be authorized by a regulatory body in a different jurisdiction and collect money exclusively in foreign fiat or cryptocurrency.
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