https://financialpost.com/pmn/busin...idating-crypto-in-the-uae-to-seek-safe-havens DUBAI — Crypto firms in the United Arab Emirates (UAE) are being deluged with requests to liquidate billions of dollars of virtual currency as Russians seek a safe haven for their fortunes, company executives and financial sources said. Some clients are using cryptocurrency to invest in real estate in the UAE, while others want to use firms there to turn their virtual money into hard currency and stash it elsewhere, the sources said One crypto firm has received lots of queries in the past 10 days from Swiss brokers asking to liquidate billions of dollars of bitcoin because their clients are afraid Switzerland will freeze their assets, one executive said, adding that none of the requests had been for less than $2 billion. “We have one guy – I don’t know who he is, but he came through a broker – and they’re like, ‘we want to sell 125,000 bitcoin’. And I’m like, ‘what? That’s $6 billion guys’. And they’re like, ‘yeah, we’re going to send it to a company in Australia’,” the executive said. Dubai, the Gulf’s financial and business center and a growing crypto hub, has long been a magnet for the world’s ultra-rich and the UAE’s refusal to take sides between Western allies and Moscow has signaled to Russians that their money is safe there.
Crypto hub. Lol. They probably meant to say hub of camel fuxxers, criminals, and launderers. What else is this hub if not that?
Probably dating myself with this one, but I can just imagine Pekelo saying, in an Elmer Fudd-ish voice "The Wussians are coming...the Wussians are coming!"
6 billion is nothing, they should be able to open an account with binance and liquidate to USDT and then send the USDT to australia right? RIGHT? RIGHT?
And who cares? All those middle eastern oil rich countries or transaction hubs go back to exactly where they originated from. Fine, white, sand. Since when has Dubai or Qatar or any of the Emirates ever moved the needle in regards to anything not just today but in its entire existence from the beginning of human kind? If Saudi Arabia does not comply with the demands of the US then they will lose the support, will be bombed or invaded. That is how it was done for the past 80 years. The rest of the city states are so irrelevant on a global scale that nobody cares really.
I can't blame someone if they wan't to liquidate Bitcoin. But if they try to sell Ethereum now, that would be like trying to sell silver at the very start of the Hunt Brothers Squeeze.
Sarcasm? Binance will freeze the account selling hundreds of millions, let alone billions. USDT then Australian $ = frozen They go from Bitcoin the most pristine hard asset in the history of the world to something that can be frozen or seized. Yea, it makes sense I think the bigger issue is that you think Billions of $ worth of Bitcoin and cryptos can be sold for fiat or properties without KYC/AML Bitcoin and cryptos markets are regulated with KYC/AML Bitcoin haterz argue both sides, oh cryptos are for criminals and should be banned and oh, you can't sell cryptos in large amount because... They need to contact exchange OTC desk (i.e. Coinbase OTC desk) to sell or buy in that large amount not some Barista at a coffee shop -------------------------- Bitcoin and cryptos are the most fair and legitimate markets in the world, but keep hating on it because you do not understand it The crypto markets trade 24/7/365 non-stop with no funny business of circuit breakers Cryptos valuation lost over a Trillion $ twice last year no one blew up Look at what happened with LME. There's going to be more of that shit if Russia causes a contagion in the financial markets, bonds, and other big counterparties, maybe a Lehman part deux And the smart people of the world will realize that there is a true and fair market called cryptos and will start to trade and invest there ET nocoinerz will continue to miss out
My point is this: Bitcoin is useful to evade capital controls, yes. But it's useless unless converted to some fiat.