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One of the biggest cryptocurrency over-the-counter (OTC) aggregators in Eastern Europe, BestChange, has once again been blocked by Roskomnadzor, Russia’s communications authority. The site, which was established in 2007, has been banned several times over the years; the most recent ban was imposed following the implementation of new cryptocurrency regulations in Russia.
Roskomnadzor has not yet offered a definitive explanation for the prohibition, but a representative for BestChange acknowledged that legal action is already being taken to remove the restriction. The platform was originally blocked in 2017 and 2019, but following legal challenges, the limitations were lifted. However, in this case, it’s uncertain if the prohibition will be temporary or permanent.
This recent ban comes just months after Russia passed a new law regulating Bitcoin mining and cryptocurrency advertising. The law specifically targets digital asset promotions, including services that facilitate crypto transactions within the country’s infrastructure. As a result, major companies like Yandex, Russia’s largest search engine, have updated their advertising policies to prohibit promotions related to crypto exchanges, smart contracts, and initial coin offerings.
BestChange, which aggregates multiple OTC crypto platforms, is just one of the many services affected by these legal changes. In the face of mounting restrictions, the platform continues to challenge the actions, hoping for a resolution soon.
BestChange’s legal battles in Russia have spanned years. The platform was first blocked in 2017 by a St. Petersburg court, which deemed Bitcoin as a “monetary surrogate” and argued that its blockchain’s irreversible transactions posed challenges for enforcement. The initial ban was lifted in 2018, only to be reinstated in 2019.
The recent blockage of BestChange reflects the tightening grip on cryptocurrency regulation in Russia, particularly in light of the country’s evolving stance on digital currencies.