Suspicious Cryptocurrency Transactions: Banks to Require Disclosure of Transfer Chains

Suspicious cryptocurrency transactions will primarily affect large businesses and companies engaged in foreign trade: banks will need a clear explanation of where the money came from, why the digital currency was purchased, and to whom it was subsequently sent.

Cryptocurrency in Russia is gradually moving into a more strictly regulated zone. After the adoption of the law "On Digital Currency and Digital Rights," major banks have begun to scrutinize the operations of legal entities with digital assets and stablecoins more closely. Clients may be asked for the economic rationale of the transaction, information about counterparties, and proof of the origin of funds.

Cryptocurrency expert Evgeny Kaminsky explained to NSN that there is currently no talk of mass checks on all clients. According to him, questions are more often directed at companies involved in foreign economic activities rather than ordinary citizens. However, the overall trend is already clear: control over transfers will be intensified.

What Transfers May Raise Questions at the Bank

Before a transaction, the bank usually wants to quickly gather answers to key questions:

• Why is the company purchasing digital currency — the economic rationale of the transaction and its connection to a real contract.
• Where did the transaction take place — platform, exchange, or another intermediary.
• Who receives the payment — information about the counterparty and the final recipient.
• What funds are being used for the operation — source of funds and documents confirming their origin.

Operations resembling money laundering, financing terrorism, circumventing currency control, or working with illegal exchanges pose a separate risk.

Particular attention may be drawn to signs that make a transfer appear to involve illegal exchanges:

• Transfers through illegal exchanges.
• Settlements through a peer-to-peer network.
• Undisclosed counterparties.
• Mismatch between the purpose of the payment and the real economic logic of the transaction.

This approach reflects the logic of the "Know Your Customer" principle: the bank must understand who is conducting the operation, why it is needed, and whether there are signs that the money may be linked to illegal activities. If a financial institution suspects a crime, the transfer may be halted.

What Will Change for Businesses from 2027

Starting July 1, 2027, banks will be required to refuse transfers if they believe the funds are being sent to an illegal crypto exchange not listed in the Central Bank's registry. According to Evgeny Kaminsky, banks are already preparing for this regulation and establishing new verification procedures.

Where Legal Operations Will Go

After the registry is launched, a significant portion of legitimate transactions is expected to go through official online digital currency exchange services or other intermediaries that operate under the supervision of the Central Bank. For companies, this means a more formal but also safer order of settlements.

Bitcoin, stablecoins, and other digital assets will not disappear from business practice, but transactions involving them will become less anonymous. Businesses will need to prepare documents in advance, confirm the rationale for payments, and show the bank that all participants in the chain are clear.

Cryptocurrency Scams and Pseudo-Anonymity of Blockchain

Cryptocurrency scams involve fraud where the owner of digital assets is deceived into giving up coins, access to wallets, seed phrases, or money under the guise of a profitable deal.

The most common schemes include:

• Phishing: fake websites, emails, and links that trick users into revealing passwords and keys.
• Ponzi schemes: payments to early participants come from new investments.
• Fake ICOs: raising money for a non-existent or dishonest project.
• Exchange hacks: stealing funds through vulnerabilities in the platform or account.
• Pump and dump: artificially inflating the price of a token followed by selling by the organizers.
• Fake exchanges: services that accept money or cryptocurrency and do not conduct exchanges.

Blockchain is often referred to as pseudo-anonymous: instead of a name, a wallet address is visible, but the transactions themselves remain on the network. Therefore, the chain of transfers can be analyzed, and the connection between the address and an exchange, exchanger, or specific counterparty increases the risk of revealing the owner.

How to Reduce Risk When Dealing with Cryptocurrency

Before making a transfer, it is useful to check not only the exchange rate and fees but also the entire chain: wallet, platform, link, counterparty, and purpose of the payment.

• Use wallets where the user controls access and store the seed phrase offline.
• Choose exchanges and exchangers with a good reputation, customer verification, and official support channels.
• Check the website address, domain, links from emails and messages to avoid phishing copies.
• Verify the wallet address before sending and first make a small test transfer.
• Do not share private keys, seed phrases, and confirmation codes with third parties.
• Verify the counterparty, purpose of the payment, and documents if the transaction is business-related.

What to Do in Case of Fraud and the Risks for Violators

If a transfer looks suspicious or assets have already gone to fraudsters, it is important to act quickly.

• Save the transaction hash, wallet addresses, correspondence, receipts, screenshots of websites, and payment documents.
• Immediately contact the support of the exchange, exchanger, or wallet through which the operation was conducted.
• File a report with the police and provide the collected data.
• Report suspicious transactions to Rosfinmonitoring if there are signs of money laundering, terrorist financing, or illegal exchange.
• Warn the bank if bank accounts or cards were used in the scheme.

Recovering cryptocurrency is usually difficult: transfers on the blockchain are irreversible, and the outcome depends on whether the addresses could be quickly identified, funds frozen on the platform, or the recipient found.

Illegal operations with cryptocurrency can lead to administrative or criminal liability. The risk is particularly high if the operation is related to money laundering, terrorist financing, circumventing currency controls, or working with illegal exchangers.

In Russia, control is built around bank checks, the Central Bank registry, and requirements for the origin of funds. Abroad, approaches vary: in the EU, USA, and Asian countries, regulators set different rules for exchanges, intermediaries, and operations with digital assets.

This content is provided for general informational purposes only and doesn't constitute financial, investment, legal, or tax advice. Any events, rewards, online promotions, or related information mentioned herein should not be considered a recommendation, solicitation, or invitation to purchase, sell, trade, or otherwise deal in any crypto assets. Crypto assets are highly volatile and may result in loss. The availability of WEEX services, products, and related events may vary by region. You are responsible for ensuring that your participation is in accordance with applicable local laws and regulations.