Russians are reportedly making huge moves to liquidate their crypto-asset holdings as they seek safe haven for their fortunes.
As recently reported by CNBC, crypto firms in the United Arab Emirates (UAE) are being overloaded with requests from Russians to liquidate billions of dollars of cryptocurrency.
According to the report, some clients are using crypto to invest in real estate in the UAE, while others are interested in turning their crypto into hard currency and stashing it elsewhere.
The report read as follows:
“One crypto firm has received lots of queries in the past 10 days from Swiss brokers asking to liquidate billions of dollars of bitcoin 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.”
125,000 BTC Sell-Off Request
According to the report, a crypto firm pointed out that around 5 or 6 requests have been received in the past 2 weeks. As quoted above, none of these requests is for an amount less than $2 billion.
The crypto firm’s executive, who spoke with CNBC sees these queries as unusual. He said his firm normally receives an inquiry for a large transaction once a month.
The executive also made reference of an investor who made a request to liquidate 125,000 BTC.
The executive noted:
“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’.”
Russians’ Interest in UAE Real Estate on the Increase
A real estate broker in the UAE also confirmed the new development. He said, “We’ve been seeing a lot of Russians and even Belarusians coming to Dubai and bringing whatever they can bring, even in crypto.”
According to the report, a financial source in the UAE confirmed that Russians have started acquiring properties in Dubai using cryptocurrency. They see this as the best means of getting their wealth out of their region, which has been ravaged by the sanctions of the West for invading Ukraine.
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