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Russia’s Regulator Bangs Gavel, 17 Crypto Exchanges Quiver By CoinQuora

Russia’s Regulator Bangs Gavel, 17 Crypto Exchanges Quiver
  • Russia’s regulator may have to block 17 crypto exchanges.
  • This was allegedly because these exchanges had illegal material available on their sites.
  • The Digital Rights Center has lawyers working to reverse the court’s decision.

On September 2, Russia’s Kushnarenkovsky District Court of Bashkortostan prohibited several cryptocurrency exchanges for the information disseminated on certain pages on their websites.

Thus, upon failing to delete these illegal web pages, the country’s regulator — Roskomnadzor, would block them. Roskomnadzor has a complete list of banned sites.

The ruling stated that all of these websites allowed access for free without the need to register. These sites allowed users to transfer and exchange cryptocurrencies.

Users could access the content without registering. They could also copy the material electronically. It should be noted that this did not limit the copying, transfer, or distribution of data via these platforms.

Digital Rights Center was contacted to defend the allegations. The law firm’s Managing Partner — Sarkis Darbinyan said that the prosecutor filed independent administrative lawsuits for each of the accused. The prosecutor is also criticized for slowing down crypto-adjustment.

Evidently, the prosecutors are not ready to admit that the law regarding digital assets was already adopted. The legislator didn’t follow the exact path of an absolute ban, but limited its potential use and civil law turnover.

Russia was the first nation to embrace cryptocurrency. It works tirelessly to ensure that all entities related are kept in line. Roskomnadzor, for instance, blocked several times in 2019 before allowing access was restored. The firm’s lawyers are now working on formal complaints in an effort to annul the court ruling.

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Mike Robinson
Mike covers the financial, utilities and biotechnology sectors for Street Register. He has been writing about investment and personal finance topics for almost 12 years. Mike has an MBA in Finance from Wake Forest University.