Crypto Scams Surge in Russia: Investor Caution Grows

By Sunil Gavhane

Published on:

Crypto Scams Surge in Russia

Crypto Scams Surge in Russia: A recent report from Russia’s Central Bank says that cryptocurrency scams are at an all-time high in the country. In 2022, about half of all fake investment schemes involved cryptocurrencies to attract people. But, things got much worse in 2023.

The report said that in 2023, nearly all scams and illegal trading businesses mostly used digital currencies to commit fraud. It also mentioned that with the digital currency market in Russia expected to grow to $2.8 billion a year by 2028, criminals are taking advantage of this to cheat people who don’t know much about investing.

Not long after President Putin approved a new law for a digital ruble in July 2023, a survey showed that more than a third of Russians are worried about the risk of fraud with this new digital money. Because of these risks, the big cryptocurrency company Binance left Russia in September 2023. They sold their operations to a local company called CommEX because they want to concentrate on working in other countries.

Some Russian leaders think digital money controlled by the government could replace regular banks. But, with more crypto scams happening, regular people in Russia are becoming more careful about the fast-growing digital money area.

Disclaimer: The information on this website isn’t meant to be taken as advice for investing money. Investing involves uncertainty, and there’s a chance you could lose your money when you invest.

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