• Fri. Jul 12th, 2024

Russian Court Takes Notice of 17 Crypto Trading Platforms Which May Entail Closures



Oct 12, 2021

At least 17 further Russian crypto trading platforms’ fates have to be decided by a Court which may entail closures of their businesses. Already, there were a few platforms that, by the order of the Court, were shut down permanently because the Court observed that the contents of their websites were illegal.

Russian Government had brought the cases of certain crypto trading platforms before a Court for decision. The authorities claimed that the platforms were maintaining web pages with illegal contents thereon. While examining their cases, the Court observed that the contents were of course illegal and therefore the businesses were to be shut down. Consequently, the Court ordered their closures and decided the cases in favor of the Russian authorities.

Similar cases have been further brought before the Court on the same subject. At presently, the case involves 17 Russian crypto trading platforms who are to defend their expected closures.

The issue developed when the Russian regulator of online space and internet identified several crypto firms. The authority noticed that on these identified websites there was content that was prohibited under Russian law. However, the information was made available on the websites in violation of the law. The authority then moved to the Court for seeking appropriate orders against such violative crypto platforms. After examining the case and hearing arguments of both sides, the Court observed that crypto platforms were at fault. Resultantly, all of the websites relating to these identified crypto firms were forcefully shut down through Court orders.

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But now there have been further filings from the Russian authority on the same cause of action. 17 firms have been identified as having illegal material and content available on their websites. While hearing the case, the Court observed that an opportunity shall be given to these platforms to delete the questionable content. In case of non-removal of the content, the Court will proceed to order shutting down of their businesses permanently. The Court made it clear that none of the crypto firms are allowed to keep illegal content on their respective websites.

It was further observed by the Court that the questionable content is available to everyone without even registering the visitors. The situation is such that the online information can be misused and abused if someone decides to copy and paste the same.

Surprisingly, the Court went onto pass adverse order even in the absence of the crypto firm’s representatives/counsels. Though the Court was aware of the legal counsels but no notices were sent to the legal counsels for attending the hearing. The Court, on its own, decided to proceed with the passing of orders without even issuing notices to the parties’ concerned counsels.

One of the executives of a crypto firm said that the Court is acting in a bias manner. He said that they will challenge the Court’s order before the High Court and get a relief from there.


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