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Dubai-based OTC Crypto Exchange Attracts Sanctioned Traders: Report

Coinsfera’s OTC structure allows customers to trade crypto assets for hard cashThe firm says it screens for illicit activity but its procedures are not constrained by trade restrictionsCoinsfera, the Dubai-based over-the-counter (OTC) crypto exchange, is proving popular among traders sanctioned by the West.
Sanctioned Russians have flown to Dubai to carry out sizable OTC transactions, three sources told Bloomberg.
OTC desks like the one Coinsfera operates allow traders to exchange digital assets away from public markets.
“Customers that use Coinsfera’s crypto exchange procedures are not constrained by trade restrictions,” the company wrote in an earlier statement.
That means Coinsfera — which also has offices in London, Istanbul and Pristina — and other OTC exchanges are not forbidden to conduct such business.

Disclaimer: This story is auto-aggregated & summarized by a computer program and has not been created by TokenAround.

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