Russian Crypto Exchange Transactions Worth $52B Last Year – Central Bank

Crypto Exchange Russia
Author
Author
Tim Alper
About Author

Tim Alper is a British journalist and features writer who has worked at Cryptonews.com since 2018. He has written for media outlets such as the BBC, the Guardian, and Chosun Ilbo. He has also worked...

Last updated: 
Why Trust Cryptonews
Cryptonews has covered the cryptocurrency industry topics since 2017, aiming to provide informative insights to our readers. Our journalists and analysts have extensive experience in market analysis and blockchain technologies. We strive to maintain high editorial standards, focusing on factual accuracy and balanced reporting across all areas - from cryptocurrencies and blockchain projects to industry events, products, and technological developments. Our ongoing presence in the industry reflects our commitment to delivering relevant information in the evolving world of digital assets. Read more about Cryptonews

Russian crypto exchange transactions amounted to almost $52 billion in 2023, the nation’s Central Bank has revealed.

The bank says over $51.67 billion worth of Bitcoin (BTC) and Ethereum (ETH) transactions it monitored on “large crypto exchanges” was “potentially” traceable to Russian citizens.

However, by the Central Bank’s own admission, most Russians do not even use major crypto exchanges to trade coins. And that would suggest that the “real” figure could be much higher.

A graph showing Bitcoin prices versus the Russian ruble over the past six months.
Bitcoin prices versus the Russian ruble over the past six months. (Source: Google Finance)

Russian Crypto Exchange Use Dwarfed by P2P Market?

The Central Bank made the crypto claims in its annual report on the Financial Year 2023. The report’s authors wrote:

“Analysis of the cryptoasset market indicates a potentially high level of involvement of Russians in the market. As of the end of 2023, the volume of Bitcoin and Ethereum transactions on the largest crypto exchanges – potentially attributable to Russians – amounted to 4.78 trillion rubles.”

Likely, this figure does not tell the whole picture, however.

Per the bank’s own calculations, the peer-to-peer (P2P) market has become “the main channel for acquiring cryptoassets in Russia.”

The bank has previously stated that “in the first half of 2023,” the average monthly volume of P2P transactions “among Russians” increased “by more than 50%.”

How Does Russian Central Bank Calculate Crypto Exchange Data?

The bank noted that its exchange-related data was based on calculations made using the blockchain analytics tool Prograchniy Blockchain (literally “Transparent Blockchain”).

The tool is the brainchild of Rosfinmonitoring, the nation’s anti-money laundering agency. Rosfinmonitoring developed the tool in 2021, and claims it can trace citizens’ transactions across multiple blockchain networks.

Per a Kommersant report from 2023, Rosfinmonitoring claimed that its tool is so accurate that it even helped police solve a crypto-powered contract killing case.

The tool provides government users with data on both the sender and the recipient of cryptoasset transactions.

In June 2023, a Russian IT firm claimed that almost $300 million worth of crypto trades are made available “every day” on the nation’s P2P market.

The bank, meanwhile, claimed in December last year that it noticed a “drop” in the number of Russians using major overseas crypto exchange platforms to buy and sell crypto.

Logo

Why Trust Cryptonews

2M+
Active Monthly Users Around the World
250+
Guides and Reviews Articles
8
Years on the Market
70
International Team Authors
editors
+ 66 More

Best Crypto ICOs

Discover trending tokens still in presale — early-stage picks with potential

Explore Our Tools

Smart tools made for everyday crypto users

Market Overview

  • 7d
  • 1m
  • 1y
Market Cap
$3,818,383,027,550
9.44
Trending Crypto

More Articles

Price Analysis
Stellar ($XLM) Rockets 72% on PayPal Stablecoin Move – But Can Bulls Crack the $0.48 Wall?
Jimmy Aki
Jimmy Aki
2025-07-15 17:27:20
Price Analysis
Shiba Inu Price Prediction: SHIB Outperforms Bitcoin With Explosive Burn Rate – $1 SHIB Next? 
Harvey Hunter
Harvey Hunter
2025-07-15 17:14:46
Crypto News in numbers
editors
Authors List + 66 More
2M+
Active Monthly Users Around the World
250+
Guides and Reviews Articles
8
Years on the Market
70
International Team Authors