The Russia-based cryptocurrency website BestChange has recently been unblocked and is once again accessible to users. The website, which aggregates exchange information, was unexpectedly blocked on Feb. 10 and added to the list of banned websites by Roskomnadzor, the federal communications authority. However, it was later unblocked on Feb. 20, much to the relief of its users.
It was unclear why BestChange was blocked in the first place, as the organization was not given any explanation for the blockage. Lawyers for the organization were in contact with the Russian central bank and Roskomnadzor, but they were not provided with any information regarding the reason for the blockage or the subsequent unblocking of the website. Internet provider Megafon had posted a notice attributing the blockage to the federal law “On the Central Bank of the Russian Federation (Bank of Russia).”
Observers have speculated that BestChange may have been in violation of amendments to the law on advertising that were passed in August. These amendments prohibited the advertising of cryptocurrencies and services related to cryptocurrency. Despite the blockage, BestChange continued to operate through its mirror website hosted outside the Russian Federation, allowing users to access its services.
The website, which has been blocked multiple times in the past, lists exchanges and compares the rates each offers for cryptocurrency, fiat, electronic money, and other financial instruments. It also provides notifications for exchange rate changes and facilitates “double-exchanges” using an intermediate vehicle instrument when direct exchanges are not possible.
In recent years, Russia has taken steps to regulate and tax cryptocurrency mining, allowing the use of cryptocurrency for international transactions in an attempt to circumvent sanctions imposed by the United States and the European Union. However, the central bank has cracked down on over-the-counter crypto trading despite President Vladimir Putin declaring cryptocurrency a form of property in December.
Despite these regulatory measures, Russia remains a significant player in the cryptocurrency market, ranking seventh in cryptocurrency adoption according to Chainalysis. There have even been discussions of establishing cryptocurrency exchange programs at major financial exchanges in Moscow and St. Petersburg, indicating a growing acceptance of digital assets in the country.
Overall, the unblocking of BestChange is a positive development for the cryptocurrency community in Russia, providing users with access to valuable exchange information and services once again.