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MOSCOW: Russian wire transfer service KoronaPay on Tuesday said it had banned all crypto-related transactions, including cryptocurrency trading, after the central bank proposed bans on the use and mining of crypto assets.

The Bank of Russia in January proposed restricting cryptocurrency trading and energy-intensive mining on Russian territory because of concerns it may cause financial instability, but politicians have pressed for a change of tack.

With more than $1 billion in monthly transfers, KoronaPay is the largest money transfer service in Russia and the former Soviet Union. It is known as Golden Crown in Russia, and is focused on enabling remittance payments.

“We want to reassure them that we have a zero tolerance policy for crypto-related transactions and we will report any suspicious activity to the relevant authorities,” KoronaPay Europe CEO Gleb Kozlov said in a statement.

“We are particularly concerned about the emergence of fraudulent exchanges, which often feature the names and logos of established financial institutions and payment providers on their websites to mislead consumers.”

KoronaPay said it incurred reputational losses when cryptocurrency exchanges use its logo on their websites, sometimes leaving customers vulnerable to scams.

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