Russians using Tether to move money to the West. wpNex enables crypto trading access

Russians Evade Sanctions Using Tether, OTCs

Transparency International's Russian branch found that Russians are using Tether to move money to the West, evading sanctions and KYC requirements.

Despite being cut off from the SWIFT international payments network, at least eight OTC brokers in Moscow can sell stablecoins for cash, which can then be exchanged in the UK for pounds sterling without KYC paperwork. The process involves buying USDT stablecoin in Moscow and selling it for cash in London, with no registration or identity verification needed.

dwpbank's wpNex Enables Crypto Trading Access

Deutsche WertpapierService Bank (dwpbank) has launched wpNex, a platform enabling over 1,200 affiliated banks to offer Bitcoin trading to retail customers.

The platform integrates crypto trading into the online banking experience, allowing users to see their crypto holdings alongside traditional securities. MLP Banking AG and DZ Bank are among the first institutions to offer the service, potentially prompting other German banks to cater to growing demand for convenient crypto trading access.

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