Banks are demanding explanations from businesses regarding USDT: what lies behind the new wave of checks
In recent weeks, Russian banks have intensified requests to corporate clients, demanding explanations of the economic purpose of cryptocurrency transactions, especially with USDT stablecoins. Many entrepreneurs have rushed to link this to the upcoming law "On Digital Currency and Digital Rights," but, as it turns out, such logic is flawed. The regulatory act will only take effect on September 1, 2026, and the current actions of credit institutions lie in a completely different realm.
In my assessment, banks are acting proactively, guided not so much by new legislation as by operational risks. Cryptocurrencies and stablecoins are increasingly appearing in shadow schemes, including the financing of unlawful activities. It is this, rather than formal legal innovations, that is pushing financial institutions to tighten compliance procedures.
Why banks are asking questions
Large banks are already sending legal entities requests about the origin of funds and the purposes of USDT transactions. This is not about isolated cases, but a systemic trend. Credit institutions receive indicators from the regulator signaling potentially suspicious operations and actively apply them in practice. The banks themselves have accumulated sufficient experience to assess a client's good faith when working with digital assets on the market.
It is important to understand: cryptocurrencies are often used to conduct payments that parties attempt to hide from oversight. This also includes operations that contradict national interests. Therefore, banks, by requesting explanations, perform a filtering function, weeding out suspicious transactions before they enter the zone of legal risk.
What changes on September 1
From the moment the law takes effect, regulation will become more transparent, but even today banks are building their own monitoring mechanisms. In parallel, a retail framework is also being prepared: the Bank of Russia has proposed a limit of 300,000 rubles per year on cryptocurrency purchases for non-qualified investors from each intermediary. The list of permitted assets includes Bitcoin, Ethereum, and USDT. Comments on the draft are accepted through August 24 inclusive.
Interest in digital assets is also fueled by their returns. In July 2026, Bitcoin showed a result of 10.1%, becoming the most profitable instrument in the Bank of Russia's review, outpacing all domestic industries and foreign securities. The closest competitor lagged by more than 2 percentage points.
The growing popularity of crypto assets goes hand in hand with tighter control. The state is establishing the rules of the game, and banks are strengthening checks on client transactions. This is a natural stage in the market's evolution: the higher the interest, the stricter the requirements for transparency.
My conclusion: the current requests from banks are not a bureaucratic whim, but a preventive measure aimed at reducing reputational and legal risks. Businesses legally using USDT should prepare documentary justification for their operations in advance to avoid blocks and claims. Those who rely on anonymity risk facing serious consequences in the near future.