UAE-based cryptocurrency companies have recently faced a large number of applications from Russian citizens to convert digital assets into fiat or withdraw to buy real estate, Reuters reports.
According to the media sources, in the past ten days, one crypto company has received “five to six” requests from Swiss brokers asking them to liquidate at least $2 billion in Bitcoins each. The source said:
“We have never had such an interest. One of the clients submitted a request to sell immediately 125,000 BTC. Usually there is one such transaction per month.”
The Swiss Economic Affairs Secretariat has confirmed the restrictive measures introduced also include freezing the cryptocurrencies of sanctioned citizens. However, the FINMA has not commented on the situation.
The agency has recalled the UAE did not support the measures of the West against Russia because of the war in Ukraine. This led to a surge in the activity of Russians and Belarusians in the country, including in the real estate market. The transactions involved cryptocurrencies as a way to withdraw funds from other jurisdictions.