Crypto-Follow logo Crypto-Follow logo
Seeking Alpha 2022-03-11 18:30:10

Russians seek to liquidate cryptocurrency in UAE - Reuters

Cryptocurrency firms in the United Arab Emirates are getting flooded with requests to liquidate billions of dollars of digital assets as Russians seek a safe place to park their fortunes, Reuters reported, citing company executives and financial sources. Some customers are seeking to convert their crypto into real estate, while others want hard currency so they can keep it elsewhere, the article said. The UAE has remained neutral on the issue of Russia's military action in Ukraine and abstained from the United Nation's Security Council vote to condemn Russia for the action. In the past 10 days, one crypto firm has received lots of queries from Swiss brokers seeking to liquidate billions of dollars in bitcoin (BTC-USD) because their clients are worried that Switzerland will freeze their assets, one executive told Reuters. That person said one broker was looking to liquidate $6B of bitcoin (BTC-USD) so the client could send

#
Read the Disclaimer : All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer