iExchange leaves Belarus due to sanctions

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CryptoTrade LLC, which created the iExchange crypto exchange in Belarus, is in the process of liquidation now. According to dev.by, the owners will start a new exchange and open a legal entity in Latvia.

iExchange leaves Belarus due to sanctions

Screenshot from the Unified State Register

Igor Snizhko, one of the founders of iExchange, explained to the publication that such a decision was made in the company because of sanctions. He specified that international banks had questions when purchasing liquidity because of the sanctions: payments that went through the SWIFT system began to be stopped and verified more carefully by their risk managers.

“Most likely, there was an unspoken order to employees of European banks to monitor payments from Belarus more carefully. But if earlier it was periodically, it began to happen systematically later,” Snizhko said.

Certain difficulties were also associated with the offshore fee. As Igor Snizhko noted, there is a list of countries in Belarus that are classified as offshore by local legislation. These countries are subject to special taxation of 15% from each payment.

Source: Reform.by

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