Russians Are Liquidating Crypto In The UAE

As you probably know by now, the tensions are still continuing between Russia and Ukraine.

It’s been just revealed that the crypto firms in the United Arab Emirates (UAE) are being deluged with requests to liquidate billions of dollars of virtual currency as Russians seek a safe haven for their fortunes, company executives and financial sources said.

It’s also important to mention the fact that some clients are using cryptos to invest in real estate in the UAE. This is happening while others want to use firms there to turn their virtual money into hard currency and stash it elsewhere, the sources said

The online publication Reuters notes that one crypto firm has received lots of queries in the past 10 days from Swiss brokers asking to liquidate billions of dollars of BTC.

This is happening because their clients are afraid Switzerland will freeze their assets, one executive said, adding that none of the requests had been for less than $2 billion.

“We’ve had like five or six in the past two weeks. None of them have come off yet – they’ve sort of fallen over at the last minute, which is not rare – but we’ve never had this much interest.”

This is what the executive said, adding that his firm normally receives an inquiry for a large transaction once a month.

“We have one guy – I don’t know who he is, but he came through a broker – and they’re like, ‘we want to sell 125,000 bitcoin’. And I’m like, ‘what? That’s $6 billion guys’. And they’re like, ‘yeah, we’re going to send it to a company in Australia’,” the executive said.”

Check out the original article posted by Reuters and make sure to keep your eyes on the crypto market as well.

The crypto market has been seeing various corrections, but this is not stopping the optimistic predictions from coming.