Russian Banks Begin Investigating Client USDT Transactions, Requiring Disclosure of Purchase Purpose

Odaily News: Several Russian banks focused on serving import and export enterprises have begun requesting cryptocurrency transaction explanations from clients, requiring corporate clients to disclose the economic purpose of purchasing USDT and confirm that counterparties providing crypto assets are listed in the central bank's register of digital asset exchange operators. Since this register has not yet been established, the relevant regulatory law will take effect on September 1, and the central bank is still formulating detailed rules, making it practically impossible for banks to fulfill these requirements. Experts believe such requests do not comply with current laws. Lawyer Elizaveta Lobuteva stated that these requests should be viewed as routine compliance reviews and preparation for future regulatory changes, rather than newly imposed mandatory obligations.