The purchase of USDT is increasingly attracting the attention of Russian banks that service foreign economic activities: in recent days, a number of credit institutions have sent corporate clients requests asking them to disclose details of cryptocurrency transactions.
What Exactly Banks Are Demanding
According to participants in the banking market and the crypto exchange market, companies are receiving not only standard questions under Federal Law 115-FZ. Banks are also asking to explain the economic purpose of buying USDT and to confirm the status of the counterparty who transferred the cryptocurrency.
Clients are expected to provide confirmation that such a counterparty is included in the register of digital currency exchange operators of the Bank of Russia. However, this is where a key problem arises: the register itself does not yet exist. The Bank of Russia is only preparing the regulatory framework for the new regulation.
Sovcombank confirmed that for some clients, they did indeed request additional information of this kind. At the same time, this is not about a mass automatic refusal, but rather a review of transactions based on the information available to the bank.
Why Requests Appeared Before the Register Was Launched
White Stone lawyer Elizaveta Lobuteva considers such requests a step ahead of regulation. In her opinion, they should not be seen as an already existing obligation for all participants in foreign economic activity. Rather, it is a combination of the usual control under 115-FZ and banks preparing for new rules.
Sergey Yudakov, author of the Telegram channel ‘That Same 115-FZ,’ links the increased scrutiny to expectations in the banking sector. Banks understand that some existing exchanges may not receive licenses and will move into the gray zone, disguising the sale of cryptocurrency as other services.
According to Sergey Yudakov, credit institutions are striving to put their client base in order in advance and reduce risks before the new requirements are fully applied.
Crypto Transactions Remain a High-Risk Zone
Mikhail Uspensky, managing partner of Parallax consulting agency and member of the State Duma’s expert council on cryptocurrency regulation, expects that closer to September 1, the number of such requests will increase.
Ramis Abyanov, partner at the law firm ANP Zenit, reminds that the risk-based approach under 115-FZ continues to apply, and banks classify cryptocurrency transactions as a high level of client risk. This also applies to transactions involving Tether, since such an instrument is usually pegged to the US dollar and is often used in foreign economic payments.
The bank is interested in the entire chain: who is the counterparty, how the bank transaction is documented, what the company is paying for, and how the received asset is reflected in accounting. Even if the transaction does not look like an everyday purchase via credit card, questions may arise due to the very nature of cryptocurrency settlements.
How Companies Should Respond to Requests
Lawyers do not advise companies to ignore such letters. Ramis Abyanov warns that silence or a formal reply can quickly lead to service restrictions.
‘Ignoring or a formal reply is the fastest way to service restrictions,’ warns Ramis Abyanov.
Sovcombank compliance director Marina Burdonova clarified that until the law comes into force, the presence of a counterparty in the register is not a mandatory requirement. For this reason alone, the bank cannot refuse to carry out the transaction. The decision is made based on the totality of all information available to the credit institution.
What Is USDT and Why Is It Purchased
USDT, or Tether, is a crypto asset that is usually pegged to the US dollar. It is bought to reduce the impact of sharp market fluctuations, quickly transfer funds between platforms, and use in cryptocurrency trading. For foreign economic settlements, this tool is also attractive, but precisely because of this, banks are paying closer attention to the origin of funds, the counterparty, and the economic purpose of the transaction.
How You Can Buy USDT
The main ways to buy USDT are centralized exchanges, crypto exchanges, P2P deals, bots, wallets, and services like MetaMask. Exchanges are usually convenient for trading and storage on one platform, but require compliance with the platform’s own rules. Exchanges are often used for one-time purchases, P2P for direct transactions with another user, and bots and wallets are suitable for those who need quick access to buying within a familiar service.
In Russia, USDT is usually bought for rubles through crypto exchanges, P2P platforms, bots, and wallets if the chosen service supports such an operation. Abroad, the logic is similar: purchases most often go through exchanges, P2P, wallets, or exchange services, and available payment methods depend on the country, platform rules, and client verification requirements.
You can pay for USDT purchases by card, bank transfer, and in some services — via Apple Pay or Google Pay. Each option has its own limitations: the bank may request explanations for the transaction, the platform may require user verification, and certain payment methods may be unavailable in a particular country or service.
Legality, Fees, and Security of Buying USDT
For Russian companies, the main risk now is not the fact of buying USDT itself, but banking control under 115-FZ, the status of the counterparty, and documentary justification of the transaction. Until the new rules come into force, the presence of the counterparty in the register of digital currency exchange operators is not a mandatory requirement, but banks still evaluate the entire transaction chain and may request explanations.
When buying USDT, it is important to choose the transfer network in advance. Among popular options are ERC-20, TRC-20, and BEP-20. ERC-20 is often chosen for its broad support, TRC-20 and BEP-20 when lower fees and faster transfers are important. Before sending, you need to check that the network matches for both sender and recipient: a network error can result in loss of funds.
To reduce the risk of fraud, it is worth using trusted platforms, carefully checking the wallet address, network, and amount, not transferring money to unknown intermediaries without clear terms of the deal, and keeping transaction confirmations. After purchase, USDT can be stored on an exchange, in a hot wallet, or in a cold wallet. For large amounts, it is safer to split storage and not keep all funds on one platform.
