Russians massively sell billions of dollars worth of cryptocurrencies in the UAE.

UAE-based crypto firms have faced a flood of applications from Russian citizens.

Over the past ten days, one crypto firm has received “five to six” inquiries from Swiss brokers. They are asking for the liquidation of bitcoins worth the equivalent of at least $2 billion each.

“We have never had such an interest. [one of the clients submitted a request to sell immediately 125,000 BTC (~$6 billion)]. Usually there is one such transaction per month, ”the source said.

Recall: the UAE did not support the measures of the West against Russia due to hostilities in Ukraine. This led to a surge in the activity of Russians and Belarusians in the country, including in the real estate market.