Tensions escalated at the Moscow headquarters of Russian crypto exchange Beribit as over 50 clients staged a protest demanding the release of approximately 400 million rubles, which had been inaccessible for several days. The unrest unfolded on April 26 at the Federation Tower, Beribit's office site, with disgruntled investors expressing frustration over withdrawal delays, contrasting sharply with smooth deposit transactions.

Efforts by Beribit staff to exit through alternative routes were thwarted by the irate investors, prompting police intervention. A circulating video on Telegram purportedly shows clients being offered chocolates instead of cash as a form of redress, adding fuel to the already heated situation. Initial reports emerged on Telegram via Mash, a Russian online newspaper, before gaining traction on Gazeta.Ru.

According to Gazeta.Ru, Beribit employees pledged to refund 50% of investments immediately, with the remaining balance to be reimbursed within one to 15 days. However, Beribit's official Telegram channel announced management changes and discovered balance sheet discrepancies, prompting the initiation of a comprehensive audit process on April 26.

Beribit attributed withdrawal delays to mandatory KYC/AML verification processes, resulting in a temporary backlog of deposit and withdrawal requests. The exchange assured clients that successful completion of the KYC/AML audit would restore unrestricted account access.

Meanwhile, amidst Beribit's tumultuous episode, the State Duma reportedly tabled a bill proposing a ban on crypto exchange operations, although it would not affect cryptocurrency transactions or registered mining entities. The bill also includes provisions prohibiting cryptocurrency advertising. However, some legislators voiced concerns over the potential impact on national security, citing cryptocurrency's role in procuring non-Western defense assets and circumventing sanctions.

Beribit, a registered crypto exchange facilitating ruble-crypto, P2P, USDT, and asset trading, found itself under law enforcement scrutiny in March, with office searches conducted concurrently with a temporary website outage linked to investigations surrounding a terrorist incident at Crocus City Hall.