Cryptocurrency exchange platforms in the United Arab Emirates (UAE) are receiving more and more requests from Russians. In particular, the latter are turning to Dubai to have billions of dollars liquidated. Some of them are trying to convert their assets into fiat currency to better conceal them. Others are investing in real estate in the UAE.
An array of requests received by cryptocurrency exchanges in the UAE
Lately, cryptocurrency exchange platforms in the UAE have been receiving requests for asset liquidation in large numbers. And this is since the sanctions against Russia are in place. In Switzerland, for example, the Secretariat for Economic Affairs (SECO) has indicated that all assets of Russian users and individuals must be frozen in the country. As digital assets are part of these assets, they are also affected by these sanctions.
One exchange claimed to be receiving a few too many requests from Swiss brokers in the last few days when it usually received one request every month. He said, “We have had five or six in the last two weeks. None of them are out yet – they kind of fell through at the last minute, which is not uncommon – but we’ve never had this much interest.”
“We have a guy – I don’t know who he is, but he went through a broker – and they say, ‘we want to sell 125,000 bitcoins.’ And I’m like, “what?” That’s $6 billion, guys. And they say, ‘yeah, we’re going to send it to a company in Australia,'” he added. The platform has so far received at least $2 billion in bitcoin liquidation requests.
Dubai: a way open to Russians to save their assets
Dubai is currently a paradise for Russians who can save their businesses there. Indeed, this city that is friendly to the rise of cryptocurrency has not taken sides between Russia and Western allies. While cryptocurrency exchanges around the world are blocking Russian accounts, the platforms that are located in this UAE city have not made any similar decision.
So Russian investors can turn to Dubai to hide their assets and make cryptocurrency investments. In fact, a real estate broker in Dubai said, “We have seen a lot of Russians and even Belarusians coming to Dubai and bringing everything they can bring, even in crypto.” It has also been reported to us that many Russians are proceeding to acquire properties in Dubai.
Faced with the sanctions applied against their assets worldwide, Russians are turning to the UAE. In particular, they can rely on cryptocurrency exchanges in Dubai, a city that ignores the sanctions against Russia.