The new law allowing Russian banks to cap ATM withdrawals at will is going to seriously impact cryptocurrency trading, experts in the field predict.
Small exchange offices and peer-to-peer platforms are likely to be affected the most as Russia takes another step towards completely banning crypto circulation.
Targeting fraudsters, Russia to hit crypto traders
The new Russian legislation, allegedly designed to fight financial fraud, came into force Sept. 1, 2025. It empowers banks to limit daily cash withdrawals at ATMs to 50,000 rubles ($600) for 48 hours, in case of suspicious transactions.
The Central Bank of Russia (CBR) has compiled a list of telling signs that credit institutions can refer to when they need to determine if a transfer should be flagged as one. According to a report by the business news portal RBC, these include:
- Unusual behavior such as withdrawing an atypical amount of money from a new ATM, or at an unusual hour.
- Sudden spike in phone activity, like an increase in the number of messages received from new numbers;
- Changing the phone number used to authorize online banking transactions or the characteristics of the mobile device;
- Withdrawal of money within 24 hours after the registration of a loan or a credit, or an increase of the personal limit on cash withdrawals;
- Transfers between different accounts of the same holder, when they exceed 200,000 rubles.
While the sponsors claim their amendments are targeting fraudsters, in reality, cryptocurrency traders will be affected as well, industry watchers say.
At the very least, the new rules will force a change in the way crypto exchange services operate and will negatively influence peer-to-peer (p2p) trades in particular.
Changing the Russian crypto market’s modus operandi
The measures will curb the capabilities of crypto exchangers currently working mostly with cash, according to one of the legal experts interviewed by RBC.
They will definitely have to adjust their operating schemes, said Denis Polyakov, head of digital economy practice at the GMT Legal law firm.
With the ATM restrictions in place, cash desks in banks remain the only option for withdrawing large amounts of fiat, but the analyst doubts crypto exchangers are going to use them. He also expects an increase in the time needed to complete each deal.
Persons carrying out transactions on behalf of such businesses are going to face a lot of problems, Polyakov emphasized.
At the same time, individuals who trade exclusively through their own accounts or, for example, freelancers receiving crypto remuneration, should not be that worried, as long as they use only one account for crypto-related transactions.
Russians prepare for a full crypto ban
However, according to the founder of the Cartesius legal agency, Ignat Likhunov, cash restrictions are not the main issue. He highlighted the amended Article 187 of Russia’s Criminal Code, on the “Illegal circulation of payment instruments,” which now treats any use of another person’s bank card as illegal.
The lawyer pointed out that Russian police have already started questioning people who got involved, one way or another, in processing “dirty money.” And that’s not only money mules, but cryptocurrency traders as well.
Likhunov also noted that the Russian crypto market is generally trying to adapt to the changes, which will result in higher costs and fees, but emphasized this is not the case with the p2p segment.
Russia has been tightening the noose on crypto flows through a series of bills. Activities deemed illegal by the state may now result in the blocking of bank accounts.
One way for crypto traders to minimize this risk is to use cards that have a history of natural activities, Likhunov suggested, transferring money with people they know well.
The legal expert anticipates further restrictions or even a full ban on cryptocurrency circulation to be imposed in the coming months.
Russian media revealed last week that the CBR is already preparing stricter requirements for banks processing crypto-related transactions.
