Although Russia has been sanctioned by many agencies and companies in the crypto industry, some still accept Russians but with certain restrictions. Last month, Kazakhstan’s President Kassym-Jomart Tokayev witnessed the nation’s first lawfully approved fiat-to-crypto exchange by the Eurasian bank (a local commercial bank).
The transaction, which took place on the local cryptocurrency exchange, Intebix, gives retail users access to purchase crypto with the country’s national currency, the Kazakhstani Tenge (KZT). According to Intebix CEO and co-founder, Talgat Dossanov, Intebix’s services are open to residents of nations outside Kazakhstan and even foreigners on a temporary visit to the country.
Dossanov added that Intebix’s crypto transactions would only happen for cardholders of the Eurasian Bank and specific Kazakhstan-based banks. During a recent interview with a popular media outlet, Dossanov explained that “residents from other countries are welcome at Intebix. However, they need a local bank card to enjoy the platform’s crypto-to-fiat service.”
He also revealed that his company supports crypto transactions for its clients who have completed their verification. He added that there would be background checks on each client. Hence, anyone found wanting will be removed from the platform.
“Russians who are not among the sanction lists are allowed at Intebix, but must pass subject themselves to a compliance check,” CEO Talgat Dossanov added. Hence, he advised Russians to create an account with the Eurasian bank to fully access Intebix’s crypto-to-fiat service.
Kazakhstan’s Involvement In The Russian Sanctions
Kazakhstan was one of the first places of relocation for Russian citizens who wanted to avoid a call-up to the war against Ukraine. Last month, President Vladimir Putin called for the partial mobilization of eligible citizens.
Hence, about 200,000 Russians who didn’t want to be part of the war entered Kazakhstan earlier this month. Following warnings from the United States Treasury Department, Major Kazakhstan banks like Halyk Bank stopped using Russia’s payment system Mir.
Other banks even stopped taking payments from local Russian banks like Sberbank. While Intebix welcomes foreigners to use its services, the crypto company must still adhere to certain sanctions.
“Since we are a regulated cryptocurrency exchange, we must abide by the rules of our regulators. We do this regularly to ensure that we still operate within the regulatory laws,” Dossanov said.
The CEO admitted that his crypto exchange does not restrict every Russian citizen on its platform because the exchange is under the Astana International Financial Centre (AIFC) regulations. However, Biteeu, Intebix’s European branch, no longer accepts Russian citizens because of the European Union sanctions.
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