On February 11th, cryptocurrency exchange platform BestChange expressed uncertainty as to why its website was blocked by Russia's communications regulator, Roskomnadzor. The platform is currently working with the central bank to lift the ban.
While the circulation and advertisement of digital currencies are prohibited in Russia, the use of cryptocurrency for international payments is now legal, as is cryptocurrency mining.
In response to queries, BestChange stated, "bestchange.ru has been restricted in Russia by Roskomnadzor," further explaining, "Unfortunately, we cannot determine the exact reason for this action. We are engaging with the central bank to identify the cause and collaborating with regulators to clarify the situation and remove the block."
Roskomnadzor's website indicates bestchange.ru as blocked, with the RIA news agency reporting the ban resulted from legal infractions "in the financial sphere."
Roskomnadzor has not yet provided a comment on the matter.
BestChange suggested that the ban may be linked to recent crypto regulations or issues related to a user of its service.
Last year, Russia legalized cryptocurrency mining and established taxation aimed at generating potentially up to 200 billion roubles ($2 billion) annually from miners. Moscow has implemented restrictions on crypto mining in select Siberian regions to avert power shortages.
Under this legislation, Russian businesses are allowed to use cryptocurrencies for international trade with the goal of circumventing payment delays caused by Western sanctions; however, the trial phase for this initiative has yet to commence.
(Exchange rate: $1 = 96.2000 Russian roubles)