BIT.TEAM continues to operate in Russia and CIS countries
Some restrictions were introduced earlier – in particular, the amount for storage on crypto wallets could not exceed the equivalent of $10 thousand. The new sanctions involve the introduction of a complete ban on supporting accounts, crypto wallets and services related to the storage of cryptocurrencies, and without reference to specific amounts.
Accounts on cryptocurrency exchanges with support for AML verification were at risk if such platforms plan to operate in the EU markets. This creates potential risks of banning the operation of any services in the European zone or significantly limiting their functionality in relation to residents of the Russian Federation.
Even in the most favorable scenario, cryptocurrency trading features for Russians will be significantly limited, although withdrawal of funds is likely to remain available. More pessimistic options suggest a complete freezing of crypto wallets.
The most likely will be the blockage of services that previously imposed certain restrictions for residents of the Russian Federation. That is, the largest international crypto exchange Binance is also at risk, as are other P2P platforms that somehow cooperate with crypto exchanges.
What should Russian users do in this situation?
There is only one way out – to switch to exchanges registered outside the European Union. These should be platforms not affiliated with European sites. One of such platforms is BIT.TEAM, which performs direct cryptocurrency exchange operations without the use of intermediary services. Having a simple and intuitive interface, the platform will be equally useful for both experienced traders and those who are just beginning to explore the world of digital settlements.
Let’s see what the BIT.TEAM exchange offers its users:
- the possibility of using a profitable ecosystem when performing operations with cryptocurrency;
- minimizing losses by cutting off intermediaries and using direct transactions between the seller and the buyer of digital assets;
- the development of a new market for routine tasks.
BIT.TEAM is a direct guarantor of transactions with cryptocurrency, allowing you to buy/ sell tokens from other counterparties under agreed conditions.
Brief info about the BIT.TEAM platform
BIT crypto exchange.TEAM was developed and launched by the same team that created the largest cryptocurrency exchanger in the CIS, WallBTC, and is registered in the UK. Being constantly developed, the project has been improving since 2018, offering customers new opportunities in terms of its functionality.
Crypto exchange users are able to:
- select the most suitable payment system, while all terms of the transaction remain confidential;
- study the rating of the seller of digital assets, formed by the results of his previous transactions;
- use a wide range of notifications, from sending to email to notifications on Telegram account.
Initially, the platform focused on customers from CIS countries, primarily Russian users. Over time, expansion into Asian markets began, after which American and European platforms and users began to get involved.
The mission of BIT.TEAM stated by the management team is providing small/medium-sized businesses with the best conditions for securing transactions with cryptocurrency.
How to sign up and use the platform
Let’s consider the main features of the platform.
Purchase/sale of cryptocurrencies, replenishment/ withdrawal from the wallet
Most traditional crypto exchanges operate according to a scheme involving the purchase of bitcoin for its exchange for altcoins. On BIT.TEAM, you get the opportunity to carry out transactions with any cryptocurrencies presented on the exchange directly, and with minimal transaction processing time and guaranteed security.
After logging in to the service, just click the “Buy” button, and then specify which token you want to purchase (except for the most “popular” cryptocurrencies like the DEL token, that is popular in Russia, they are also presented here). Then select the fiat currency to purchase, and in the last field you will have two options available to you:
- choosing a suitable payment system with a preliminary acquaintance with the seller’s rating, completing the transaction;
- if you are not satisfied with the terms of the transaction, you can choose the second option – creating your own ad, in which you can specify your conditions, for example, the exchange rate.
The sale of cryptocurrencies is carried out in a similar way by clicking the corresponding tab.
Withdrawal of funds from the wallet or its replenishment is made just as easily by clicking on the “Deposit, Withdraw” tab and selecting the desired option. The exchange provides an opportunity to replenish the wallet with funds stored on other services. And, by analogy, withdraw them to other wallets.
In addition to operations of direct purchase / sale of cryptocurrencies, BIT.TEAM offers its clients other opportunities as well.
This is an internal asset of the exchange used to pay the commission in the system. Using paramining, you get an additional source of replenishment of your wallet, and the earned token can be put up for sale at any time and in any quantities. Note that the BTT token has a deflationary model and is periodically burned, which positively affects the dynamics of its value. So users of the platform get another source of income – by purchasing a coin at a low price and selling it later at a higher price.
This is a trading platform integrated into the platform, which represents a package of DeFi services. For example, customers can create on the basis of Market BIT.TEAM has its own online store that sells ordinary goods for cryptocurrency.
This is standard practice for many large cryptocurrency projects, and not only cryptocurrency ones. In BIT.TEAM, users can be rewarded for active attracted in accordance with one of two schemes:
- for the purchase of cryptocurrency by a referral (from 5% for a level 1 referral to 1% for a level 3 referral);
- the percentage of the service fee for referral transactions, with a three-level gradation as well (25/15/10%).
Despite the negative news regarding the possibility of working with cryptocurrencies in the Russian Federation, there is always a way out. And at first, it may be a transition to BIT.TEAM: the crypto exchange has a British registration, and this country is no longer a member of the European Union.
The service offers all the basic features: direct exchange of cryptocurrency pairs, as well as their exchange for fiat money with external wallets. The platform client base is wide, the fees are low and can be paid with internal tokens. Users who care about their security can use two-factor authorization using Google accounts, Mail.ru and other platforms.
In a nutshell, the service deserves close attention if the imposed sanctions begin to take effect.