Forbes, citing Monetory.io, reported that, despite the bans imposed by large crypto exchanges on cards of sanctioned Russian banks, Russians actively used them in P2P transactions.

According to the publication, Russians use such cards when conducting transactions in P2P transactions on the Binance, Bybit and Huobi exchanges. In this case, cards of Sberbank, VTB, Tinkoff, Alfa Bank, Otkritie Bank, PSB, Rosbank, Uralsib, MTS-Bank, RSHB and other banks that are subject to Western sanctions are used.

Even if the exchange removes the possibility of mentioning such banks on the P2P platform, it allows clients to use pseudonyms, which they use to replace the names of Russian banks. Such nicknames are used, for example, on Bybit.

On the Bybit P2P service, the share of settlements using cards of sanctioned banks accounts for at least 52% of the amount of placed orders to sell USDT and 47% of the median volume to buy USDT. On Huobi the figures were 56% and 64% respectively, while on Binance the figures were 10% and 25%.

A month before its departure from Russia, the Binance exchange replaced the names of the cards of Russian banks Sber and Tinkoff on its platform. The Sberbank card was renamed the “green local card”, and the Tinkoff card was renamed the “yellow local card”.