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Russia’s FSB gets round-the-clock access to crypto exchange customer data starting in March
Russia’s Federal Security Service (FSB) is due to receive round-the-clock access to personal data held by cryptocurrency exchanges from March 2027. The arrangement is included in a Central Bank document on proposed changes to the law on digital currencies, and means security services will have ongoing access rather than receiving information only on request.
The data will include customers’ identities and contact details, transactions, bank and account information, wallet addresses, IP addresses, login times and correspondence with exchanges. The Central Bank rejected proposals to limit access and to prevent SORM surveillance systems from accessing private keys or transaction-signing tools, saying the approach had been agreed with the FSB. Industry figures also warned that installing and maintaining SORM could be costly, with no simplified requirements for small exchanges.
In short
- The FSB is set to access crypto exchange customer data from March 2027.
- Records may include transactions, bank details, wallet addresses and correspondence.
- The Central Bank rejected proposed limits on access and surveillance tools.
Steelman: both sides, in good faith
The strongest fair case each way — we don't pick a winner.
The case for
Supporters could argue that continuous access gives security services a timely way to investigate financial crime, sanctions evasion and threats to public safety, without delays caused by repeated requests. A consistent system may also help exchanges meet legal duties and give investigators a clearer view of suspicious activity.
The case against
Critics could argue that routine access to identities, transactions, communications and technical data reaches far beyond targeted investigations and risks weakening customers’ privacy and security. They may also question whether safeguards and independent oversight are adequate, particularly given concerns about surveillance systems reaching sensitive tools and the costs imposed on smaller exchanges.
Explained simply
Russia’s Federal Security Service (FSB) is the country’s main domestic security agency. Cryptocurrency exchanges are services where people buy, sell or hold digital currencies, and they collect information about their customers and transactions.
SORM is Russia’s system for giving security agencies access to communications data. The reported plan concerns how that system would apply to cryptocurrency exchanges, as part of proposed changes to the law on digital currencies.
The issue matters because the information exchanges hold can link a person’s identity and contact details to their financial activity and online access. The proposed requirements may also affect exchanges’ costs, including smaller firms that would need to install and maintain the surveillance equipment.
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