OTC Crypto Exchange ທີ່ຕັ້ງຢູ່ Dubai ດຶງດູດຜູ້ຄ້າທີ່ຖືກລົງໂທດ: ລາຍງານ

Coinsfera, the Dubai-based over-the-counter (OTC) crypto exchange, is proving popular among traders sanctioned by the West.

Bloomberg reported Monday that Coinsfera is becoming the top exchange for Russians, Iranians and others hurt by Western sanctions or local restrictions.

The exchange’s clients are primarily those that struggle to transact via banks due to limitations on their access, bankers, lawyers and crypto executives told the outlet. 

Sanctioned Russians have flown to Dubai to carry out sizable OTC transactions, three sources told Bloomberg.

OTC desks like the one Coinsfera operates allow traders to exchange digital assets away from public markets. Whales usually opt for OTC platforms if they want to make sizable plays without impacting crypto prices, which, depending on the asset, can be illiquid and thus sensitive to large trades. 

Unlike centralized exchanges, which match trades digitally, OTC trades are regularly executed by swapping offline crypto storage solutions. This structure allows Coinfera users to buy crypto assets locally, then sell it for ເງິນສົດທັນທີ ໃນ Dubai. 

Practically all major crypto exchanges, including Binance, Coinbase and Kraken, operate OTC desks, although generally users must pass compliance screening, which excludes individuals sanctioned by the US and other major jurisdictions.

Coinsfera, set up in Dubai in 2015, describes itself as a cryptocurrency “cashpoint” through which users can buy and sell over 500 cryptocurrencies within 10 to 15 minutes.

“Customers that use Coinsfera’s crypto exchange procedures are not constrained by trade restrictions,” the company wrote in an ຖະແຫຼງການກ່ອນ ໜ້າ ນີ້. “Any quantity of money may be obtained with ease, at the lowest possible cost, and in the shortest period feasible. Users may easily sell or buy bitcoin in Dubai with a valid ID from any nation.”

Local entrepreneur Karin Veri told the outlet that she visits Coinsfera monthly and that “it’s an easy way to get cash out in just a few minutes.” 

Dubai wants to be a global crypto hub

ທັງສອງ Binance ແລະ Kraken have come under scrutiny for allegedly violating US sanctions by allowing users in Iran access to its services. After the US ຖອນ from the Iran nuclear deal in 2018, businesses were banned from continuing trade in the Middle Eastern country. 

Binance ແລະ Coinbase have moved to block certain Russian users after the US, UK and the European Union imposed sanctions over its war with Ukraine. 

But the United Arab Emirates, home to glitzy Dubai, has chosen not to impose sanctions on Russia. That means Coinsfera — which also has ຫ້ອງການ in London, Istanbul and Pristina — and other OTC exchanges are not forbidden to conduct such business.

Even so, the US has ເອີ້ນວ່າ financial institutions in the UAE to be “exceedingly cautious” in handling Russia-related business. 

Bloomberg said the amount of money Coinsfera is moving isn’t clear, because trades are cash-based and not reported publicly. But a spokesperson told reporters it conducts a full screening of users and follows procedures aimed at combating illicit transactions — despite its positioning as a safe haven for sanctioned traders.

Dubai has emerged as a hub for crypto asset trading, partly because of its friendly taxation policy and attractive regulations that have drawn entrepreneurs from around the world. ຂໍ້ມູນ shows a third of UAE residents are crypto investors. 

Binance boss Changpeng Zhao recently ຍ້າຍ from Singapore to Dubai, while exchanges including FTX ແລະ Binance ບໍ່ດົນມານີ້ ໄດ້ຮັບອະນຸຍາດ provisional virtual asset licenses there.

ເຫຼືອອີກພຽງ 48 ຊົ່ວໂມງເພື່ອແລກສ່ວນຫຼຸດ DAS ທີ່ໃຫຍ່ທີ່ສຸດຂອງພວກເຮົາທີ່ເຄີຍມີມາ.  ໃຊ້ລະຫັດ NYC250 ເພື່ອຮັບສ່ວນຫຼຸດ $250 ປີ້ເພື່ອເຂົ້າຮ່ວມກອງປະຊຸມສະຖາບັນຂອງ crypto .