The Ministry of Information of Belarus announced on Thursday that it has blocked access to cryptocurrency exchanges Bybit, OKX, Bitget, Gate, Bingx, and Weex.
According to a government announcement, the department restricted access to the global domains of several cryptocurrency exchanges based on Article 511 of the "Mass Media Law," citing "improper advertising" as the reason.
Cointelegraph has contacted the blocked exchanges, but as of the time of publication, no response has been received.
Belarus is a close ally of Russia on the international stage. This domain restriction coincides with the statement made by Vladimir Chistyukhin, the First Deputy Governor of the Central Bank of Russia, to the state-supported media RIA Novosti on the same day, revealing that the bank "agrees to allow qualified investors" to enter the cryptocurrency market. This statement is based on recent reports that the institution is considering easing restrictions on cryptocurrencies in response to the comprehensive sanctions faced by the country.
Russia disclosed plans at the end of April to only allow "super qualified investors" to use cryptocurrencies, defined as individuals with wealth and income thresholds exceeding 100 million rubles (1.2 million USD) or an annual income of at least 50 million rubles (630,000 USD), effectively limiting participants to high-net-worth individuals.
Chistyukhin pointed out that a "notable key point" is that "cryptocurrencies are currently used not only as investment tools but also as means of cross-border payments." His comments echoed recent statements about allowing Russia to use cryptocurrencies more broadly as a response to international sanctions:
Chistyukhin stated that there are currently about 1 million qualified investors in Russia who can use crypto assets, and noted that investors will also be assessed based on their understanding of cryptocurrencies. He acknowledged that allowing non-qualified investors to use cryptocurrencies is a possible option but emphasized that it requires extreme caution.
"Specifically, such investors may only be allowed to use the most liquid instruments," he said.
Chistyukhin stressed the necessity of "establishing strict restrictions and prohibitions," stating that "it is expected that cryptocurrency transactions will mainly be conducted through existing market participants under current licenses," adding that "any transactions outside this framework will be considered illegal."
Related: The Norwegian Central Bank states that CBDC "is not necessary," emphasizing the robustness of existing payment systems.
Original: “Belarus Blocks ByBit, Bitget, OKX, Russia Strengthens Regulation of Cryptocurrency Gray Areas”
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