Roskomnadzor Blocks Access to Russia’s Largest Crypto OTC Aggregator, BestChange

Russia’s communications watchdog, Roskomnadzor, has blocked access to BestChange, the country’s largest over-the-counter (OTC) cryptocurrency aggregator. This platform, which has long been a dominant player in Russia and Eastern Europe’s crypto landscape, allows users to compare rates and exchange various cryptocurrencies. However, the ban has raised concerns as the Russian telecom regulator has yet to provide an official explanation for its actions.

BestChange’s Response

In a statement, a spokesperson for BestChange confirmed that the platform’s legal team is already working on the process to reverse the ban, though they have not disclosed any details about the specific reasons behind Roskomnadzor’s decision.

BestChange, founded in 2007, is one of the oldest and most widely used crypto aggregation services in the region. The platform facilitates peer-to-peer cryptocurrency exchanges and helps users find the best rates across a network of crypto exchanges and wallet providers. The current blockage represents a significant challenge for both the platform’s users and the broader Russian crypto market.

A History of Blockages

This is not the first time BestChange has been blocked in Russia. The platform first encountered issues in 2017, when a St. Petersburg court banned it, declaring Bitcoin a “monetary surrogate” and pointing to the difficulties of enforcing blockchain transactions due to their irreversible nature. That ban was lifted in 2018. However, Roskomnadzor again blocked the platform in 2019, only to remove the restriction several months later.

Despite these previous challenges, BestChange has remained a key player in the crypto OTC space. The current ban comes amid increasing scrutiny on digital assets in Russia, particularly following recent regulatory shifts.

New Crypto Regulations in Russia

The latest ban on BestChange comes almost six months after Russia introduced a new law that targets the advertising and promotion of cryptocurrency activities. The law, which was introduced in 2024, restricts advertisements related to digital assets and services that facilitate crypto transfers. This includes platforms like BestChange, which enable users to convert cryptocurrencies using Russian infrastructure.

In the wake of the new legislation, Russia’s largest search engine, Yandex, updated its advertising policies to prohibit promotions for cryptocurrency exchanges, mining services, smart contracts, and initial coin offerings (ICOs). The policy change also extended to services that track wallets for potential money laundering, further tightening the country’s grip on crypto-related promotions and services.

What’s Next for BestChange?

With BestChange currently blocked and under scrutiny, the company’s legal team is actively working to resolve the issue. As the situation develops, it remains to be seen whether Roskomnadzor will offer more clarity on the reasons behind the blockage or if this marks the beginning of broader regulatory efforts targeting cryptocurrency services in Russia.

This move highlights the increasing challenges faced by crypto platforms in Russia, where authorities are tightening their regulatory framework in response to the global growth of digital assets. As Russia continues to grapple with how to regulate the crypto industry, platforms like BestChange may find themselves navigating a complex and shifting legal landscape in the months and years to come.