Bank of Russia warns individuals about risk of being lured into criminal schemes by crypto exchanges and online casinos
The Bank of Russia warns that shadow businesses (crypto exchanges, online casinos, and other illegal platforms) use a popular scheme for online settlements with individuals. According to this scheme, its organisers disguise illegal payments by putting consumers of illegal services into direct contact with malefactors. Thus, an individual may unknowingly become an actual participant in settlements with criminals.
For example, if an individual tries to purchase cryptocurrency online from an illegal crypto exchange, the settlement organiser selects applications for the same amount from sellers that may be associated with funding terrorist or other criminal activity. The said activity is often funded specifically by using cryptocurrency. Subsequently, the crypto exchange proposes that the buyer transfer fiat money directly to the seller’s card. Therefore, the individual purchasing cryptocurrency from an illegal crypto exchange risks being involved in funding criminal activity.
The same applies to illegal online casino players. When the money is transferred to the card, the recipient is sure that this is the casino’s money. Actually, the card number is communicated to drug buyers who in turn transfer the money directly to the player. In this case, the player may unknowingly become a party to a drug transaction.
The Bank of Russia warns that any interaction with illegal structures, including via the Internet, is associated with high risks. It may result in reputational losses, the blocking of accounts, and other problems with accessing banking services. The most grave consequence is that clients of illegal platforms may be directly involved in criminal activities. We recommend against using the services of illegal online platforms.