Illegal crypto on the rise in Eastern Europe

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Updated October 13, 2022 | Published October 13, 2022

2 mins read

The Russian invasion of Ukraine has prompted an increase in illegal crypto activities in Eastern Europe.

The use of crypto and crypto transactions that have been deemed “high risk” or outright “illegal” has surged, according to a new report by blockchain analytics firm Chainalysis.

The report outlines how the Russian invasion of Ukraine has led to changes in crypto use patterns. According to Chainalysis, just 18.2% of all crypto transactions based in Eastern Europe are not associated with risky or illegal activity.

This means that high-risk crypto exchanges are on the move and experiencing a surge in volumes.

Most of these exchanges do not require KYC standards and allow many users to onboard without providing any paperwork.

This comes at a time when the European Union (EU) has passed a new sanctions package prohibiting Russian nationals from holding cryptocurrency assets on any exchange that has been registered in the EU.

Chainalysis admits that it’s not just Eastern Europe to blame, as there has been an upsurge in illegal cryptocurrency activity elsewhere as well.

Besides Eastern Europe, the company has seen illegal crypto-related activity in North America, Latin America, and especially sub-Saharan Africa, which continues to lead the way when it comes to illegal operations.

Chainalysis admits its data is a bit skewed, as it factors many high-risk activities, which could include online gambling or DeFi protocol.

Cryptocurrency gambling has been a known pastime for many, and this has attracted criminals as well.

But cryptocurrency casinos have been mostly known to do well by their customers and to apply the highest KYC and AML standards, assuring that their transactions are generally reliable.

Looking for your next crypto casino? Check out: Bitcasino, Gamb.co or FortuneJack.

Written by Alex

Reporter

Alex is a well-rounded crypto writer who focuses on general market and legal developments. His main interest lies in how crypto gaming can become a more permanent part of the gaming landscape and how blockchain holds benefits to players they are not even aware of.
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