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Russians Are Flooding Their Ventures To Dubai Using Crypto

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Russians are headed toward crypto platforms of the United Arab Emirates (UAE) in an attempt to save their fortunes, requesting crypto firms to liquidate billions of dollars, as per Reuters.

Similarly, some of them want to buy real estate in UAE, while others are desired to convert their assets into fiat money and hide it.

Related Reading | UAE Close To Issuing New Regulatory Framework For Crypto Firms, Says Regulator

An exchange confirmed that they received too many requests from Swiss brokers in the past ten days, asking to liquidate Bitcoins worth billions of dollars as they are worried Switzerland’s authorities might freeze the funds. The firm said all of the requests were for $2 billion or more. 

The executive of the platform said they usually receive one inquiry in a month for large transactions, and he added;

We’ve had like five or six in the past two weeks. None of them have come off yet – they’ve sort of fallen over at the last minute, which is not rare – but we’ve never had this much interest.

The executive also mentioned;

We have one…

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