Troubles at Russian Crypto Exchange Beribit Lead to Client Protests and Legislative Response

The cryptocurrency world is facing turmoil in Russia as the troubles surrounding the crypto exchange Beribit continue to escalate. What started with a raid by Russian authorities in connection to a terrorist attack has now spiraled into a chaotic situation where clients are demanding millions of dollars in funds back.

According to reports, over fifty Beribit clients have taken matters into their own hands by occupying the exchange’s offices and demanding their money back. Videos on social media show customers being given chocolate instead of their funds, with promises of resolution within 1-15 days. Beribit employees attempted to flee, only to be stopped by angry clients who called the police.

Despite claims from Beribit that withdrawals are being processed and payments are being made to clients, conflicting reports suggest that only those who have filed police reports have received their funds. The situation has become so dire that the Russian Duma, the country’s lower house of parliament, is considering a bill to ban cryptocurrency exchanges altogether.

Legislators argue that such a ban is necessary to protect national security interests, as cryptocurrency can be used to evade sanctions and purchase weapons from non-Western countries. However, others believe that banning exchanges would be a step backward for the industry.

As tensions continue to rise in the Russian cryptocurrency market, the future of Beribit and other exchanges remains uncertain. Stay tuned for more updates on this developing story.