Trading Cryptocurrency in Cash is now risky in Moscow, Russia. Thus, Private Security Companies offer protection for crypto traders. This is due to the number of crimes taking place while dealing cryptocurrency in cash.
Cryptocurrency not regulated in Russia
As the cryptocurrencies are not regulated in Russia. The Police in Russia is refusing to accept crypto related cases.
10 million rubles worth of bitcoin ($160,000) robbed from a Trader in Moscow. The trader tried to sell crypto to a buyer in broad day. The criminal ran away with the hard wallet of the trader without paying cash.
This year February, the founder of Prizma Coin was kidnapped in Moscow. The kidnappers took 300 bitcoins, $20,000 and a notebook with three mobiles from him. As he reported to the police, they didn’t include cryptocurrency in the list of stolen items.
This type of crimes in Russia is becoming common. As they criminals steal during the day or kidnap a person. Thus, Private Security Companies have come up with their services.
The Private Security Companies Services
Many Private Security Companies in Russia are offering protection services for offline trading. The rise in crimes related to offline trading created a need for this type of services. But Russian law does not allow personal guard services. This Companies sign contract for property protection. As the suitcase and hard wallet with cryptocurrency come under this category.
These Private Security Companies charge on hourly basis. Some are starting from 1,000 rubles ( $15 ) per hour. The price will increase if the client needs security car or more guards or other services.
“The cost of our services depends on the amount of the transaction – we are charging a percentage. We also offer services abroad, as cryptocurrency is an international phenomenon,” said Natalia Kurovskaya, owner of one of the Moscow-based security firms.
Kurovskaya said her firm is also investigating on cases of traders who were victims of crime. This shows that police in Russia still have no idea how to investigate this type of cases.
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