The scheme exploits the difference between the non-cash and cash exchange rates for USDT. A typical cycle works as follows: a client transfers funds from a Russian bank to an account in another country, typically Belarus—either by depositing cash to fund an account on a Belarusian exchange and purchasing USDT, or by directly buying USDT—and then sells the asset for cash through Russian crypto exchanges. According to Sergey Cherechenya, co-founder of the WhiteBird platform, the profitability of one such cycle can reach 2% or more. Some users exchange hundreds of millions of rubles per day using this method, according to experts interviewed by RBK.
The Central Bank considers such operations a “scheme for laundering funds of unknown origin.” Banks are now taking precautions and blocking transfers to Belarusian crypto exchanges if they are preceded by a cash deposit of a similar amount, RBC found. These restrictions are often impossible to lift: according to Sergey Yudakov, author of the Telegram channel “That Very 115-FZ,” Russian crypto exchanges do not provide documents that banks consider sufficient to verify the legitimacy of the transaction.
In Russia, such arbitrage in itself is not prohibited, and individual actions in the chain are not illegal. However, RBC experts do not consider the scheme fully legal—the main concerns relate to selling cryptocurrency for cash. Since the law classifies USDT as a foreign currency asset, transactions must go through a bank account, according to the publication’s sources. Official clarifications from the Ministry of Finance, the Central Bank, and the tax authorities have not yet been issued, nor is there established case law. Nevertheless, under laws adopted this year, digital currency is effectively treated as fiat currency, and tax authorities already have grounds to hold sellers accountable for violations of currency regulations.
Experts at RBC are confident: as of July 1, 2027, the scheme will effectively cease to function, as from that date it will no longer be possible to purchase USDT directly from platforms in CIS countries through a Russian bank and then sell it for cash under the current scenario.
Cryptocurrency transfers directly between individuals via P2P platforms will be prohibited starting July 1, 2027, as previously noted by the Bank of Russia, citing the law on state regulation of the digital assets market that came into effect this summer.