Trouble brewed at the Moscow headquarters of Beribit, a Russian cryptocurrency exchange, as more than 50 customers staged a protest demanding the return of around 400 million rubles. The uproar began on April 26 at the Federation Tower, where Beribit's office is located. Customers were frustrated by delays in withdrawing their funds, which contrasted sharply with the smooth deposit process. Attempts by Beribit staff to leave through different exits were blocked by angry customers, leading to police intervention.

A video circulating on Telegram alleged that instead of money, disgruntled customers were given chocolates as compensation. Mash, an online newspaper, first reported the incident on Telegram, with Gazeta.Ru later picking up the story. Beribit employees reportedly promised to refund 50% of investments immediately, with the rest to follow within one to 15 days.

On April 26, Beribit's official Telegram channel announced that recent changes in management had revealed discrepancies in the company's balance sheet, prompting a comprehensive audit. The exchange also stated that clients were experiencing delays in deposits and withdrawals due to mandatory KYC/AML verification processes. Beribit assured that once customers pass the verification, they will regain full access to their accounts.

Amidst the chaos, reports surfaced of a proposed bill in the State Duma seeking to ban crypto exchange operations, though it would not impact cryptocurrency transactions or registered mining entities. The bill also includes a ban on cryptocurrency advertising. However, some legislators argued against the ban, citing concerns that it could compromise Russia's national security, given cryptocurrency's role in acquiring weapons and defense assets from non-Western sources and evading sanctions.

Beribit, a registered crypto exchange facilitating various types of trading, including ruble-crypto and P2P transactions, came under law enforcement scrutiny in March, coinciding with temporary website outages linked to investigations related to a terrorist incident at Crocus City Hall.

In conclusion, Beribit's recent troubles underscore the challenges facing cryptocurrency exchanges in Russia amid regulatory uncertainty and customer dissatisfaction.