Russia accounts for 40% of crypto operations on the darknet

Russia occupies a key position in the market for shadow cryptocurrency transactions in terms of trading volume, Clain analysts found out

Over the past year, Russia has processed over 40% of the shadow cryptocurrency market. This is the conclusion reached by analysts at Clain.

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According to the report, Russia came out on top in terms of the number of high-risk cryptocurrency exchange sites. Cryptocurrency exchange platforms were selected for analysis, including LocalBitcoins, BitBits, BitZlato and WebMoney.


So, more than 40% of all high-risk cryptocurrency exchange sites are located in Russia. A much smaller share (6.54%) is accounted for by Ukraine, Great Britain (2.8%) and Germany (1.87%).

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According to analysts, the monopoly of Russian sites may be due to the popularity of prohibited services in Russia.

As you can see in the graph below, most of the incoming transactions to the largest darknet marketplace come from high-risk cryptocurrency exchange platforms, as well as crypto exchanges.


It is noteworthy that the same alignment is preserved for outgoing transactions. This may be due to the fact that dark web users are actively using mixers, which make it difficult for regulated crypto exchanges to monitor funds to comply with ML / TF policies.

Read also: Rosfinmonitoring named cryptocurrencies popular among criminals

One of the most popular platforms for the darknet marketplace is the peer-to-peer crypto transfer service – LocalBitcoins.

It is noteworthy that in Russia the service is blocked by Roskomnadzor. Nevertheless, according to the platform for 2020, more than 17% of its users came from Russia.


At the same time, according to Clain’s estimates, the total turnover of LocalBitcoins and the darknet marketplace exceeded $ 400 million. Read about how Russia became the leader in terms of the volume of transactions on the darknet in a special material from BeInCrypto.

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Karice Dabule

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