Блокировка криптобирж в Беларуси: Минфин указывает на ненадлежащую рекламу и возможные нарушения AML Headline: Crypto Exchange Blockage in Belarus: Ministry of Finance Highlights Improper Advertising and Possible AML Violations

On December 10, access to several cryptocurrency exchanges was restricted in the Republic of Belarus. The reason given was a notification from the Minsk City Executive Committee regarding inappropriate advertising on these platforms, as stated in an announcement from the country’s Ministry of Information.

The regulator indicated that the decision was made based on Article 51 of the «Media Law.» The agency clarified that details of the violations are only disclosed by the owners of the blocked resources.

According to the law, the grounds for blocking include:

Andrei Tuharin, founder of the legal agency GMT Legal, mentioned in a comment that this measure pertains specifically to restricting access to websites rather than prohibiting the exchanges’ operations. He initially speculated that the cause might be related to violations of anti-money laundering (AML) and compliance requirements:

“It’s possible that Belarusian authorities believed a significant volume of ‘dirty’ assets was passing through these exchanges.”

He added that such restrictions typically last for a limited time, and major platforms can quickly adapt to meet the necessary requirements.

A similar opinion was expressed by Ignat Likhunov, founder of Cartesius. He emphasized that improper advertising could be linked to the promotion of services that contradict local cryptocurrency legislation—specifically, the mandate to conduct transactions exclusively through residents of the High Technology Park (HTP).

Anni Kukel, director of the law firm WhiteBird Legal LLC, noted that discussions were also active online regarding potential violations related to P2P transactions.

According to the decree on «The Circulation of Digital Tokens» dated September 17, 2024, transactions involving cryptocurrencies by individuals can only be conducted through HTP residents, as the expert reminded. Transactions made outside these requirements are deemed illegal.

Tuharin stated that the trading rules for Belarusian users have not changed. None of the blocked exchanges had HTP resident status, so operations through these platforms were not permitted even before the access restriction.

“It is possible to trade cryptocurrency on the exchanges that have been blocked by using proxy services,” he concluded.

Recall that in November, both Belarusians and Russians reported issues regarding the blocking of Bybit EU and Revolut accounts.