Today, P2P models remain one of the primary methods for buying and selling cryptocurrency for rubles. However, by 2026, the market has changed significantly: there is increased focus on transaction transparency, payment security, and risks associated with gray schemes. Previously, ForkLog thoroughly examined the issues and manipulations typical of this segment.
As a result, market participants are increasingly seeking alternative methods for crypto-fiat exchanges that reduce operational and legal risks, enhance automation, and maintain user convenience.
One possible option is to launch a proprietary exchange service that integrates banking infrastructure and complies with regulatory procedures. However, building such a system from scratch requires substantial resources. According to SkyCapital, developing the platform, connecting payment infrastructure, implementing KYC/AML procedures, anti-fraud mechanisms, and legal frameworks can take several months, with initial investments starting at 10 million rubles.
Consequently, many market participants opt for a different approach—utilizing ready-made infrastructure through a white label model or technological outsourcing.
SkyCapital offers a solution for exchanging cryptocurrency for rubles and vice versa via the Fast Payment System (SBP). The company can deploy the service under a partner's brand or integrate necessary modules into an existing product. For transaction verification and compliance requirements, the AML service BitOK is employed.
Let’s explore how this model works, the costs associated with its launch and maintenance, how partners earn, and the limitations they may face.
Why P2P Has Become a Problem
P2P involves direct exchanges between individuals, where the platform acts as a guarantor of the transaction through escrow. The buyer transfers rubles directly to the seller's card or via SBP, while the exchange holds the cryptocurrency in escrow until payment is confirmed.
The issue is that banks do not differentiate between cryptocurrency exchanges and transfers related to fraudulent schemes. Anti-fraud systems assess customer behavior and transaction characteristics. Regular inflows from numerous senders, frequent transfers to different accounts, splitting amounts, and repetitive operations with atypical patterns typically fall into the risk zone. These signs are not only characteristic of crypto exchanges but also of cash-out schemes or drop activities, leading banks to often respond similarly.
Two scenarios can unfold. If the anti-fraud system triggers, the bank blocks the transaction and contacts the customer for confirmation—after which the transfer proceeds. If the bank suspects money laundering (AML/CFT), it requests documentation regarding the source of funds.
According to the draft law on new cryptocurrency market regulations, exchanges will have to maintain a turnover of at least 3.5 million rubles per month. If this threshold is not met, they will be removed from the registry, and the customer will have to conduct the transaction through a broker—who will place an order on the exchange on their behalf. Additionally, mechanisms will be introduced to protect clients from fraudulent actions.
“The market is shifting towards transparent services, where the fiat part of the transaction goes through the platform's settlement organizer rather than between individuals. SkyCapital is building infrastructure around this idea and offering it to other market participants,” the company stated.
Exchanging via SBP Without P2P: How It Works
At the core of all SkyCapital's infrastructure products is its proprietary exchange service. Users buy or sell cryptocurrency for rubles, with fiat transactions processed through the SBP acquiring of the platform's legal entity, rather than through a C2C model between individuals. This approach eliminates transfers from random counterparties and reduces the number of operations involving split amounts—the main reasons for account blocks.
The service mechanics are similar to those of an exchange, although the platform is not an exchange in the traditional sense. In the “Markets” section, users can access an order book: they can instantly execute a transaction at the market rate or place a limit order at their desired price and wait for it to be filled.
For quick operations, there is a 24/7 instant exchange of rubles for USDT—up to 2000 USDT at the market rate. Additionally, the service supports other major pairs with rubles, including BTC, ETH, and USDC.
Exchange interface in the personal account. Source: SkyCapital.Each client undergoes identity verification. Several analytical services, including BitOK, are used for AML scoring.
In cases of heightened risk, the platform blocks the inflow of “dirty” cryptocurrency. Alongside this, an anti-fraud system, two-factor authentication, and regular vulnerability checks of the platform are in place.
Transaction fees for fiat are fixed. For retail clients using SBP, depositing rubles to purchase cryptocurrency incurs a 2% fee, while withdrawal after sale costs 1.5%. The minimum withdrawal amount via SBP is 1000 rubles.
Different conditions apply for legal entities and individual entrepreneurs. Account replenishment via bank details incurs no fee from SkyCapital, while ruble withdrawals are charged separately—with a minimum fee of 2000 rubles.
Available Pairs and Rates
The platform supports rubles, Bitcoin, Ethereum, USDC, and USDT—users can choose the desired pair and transaction format. In instant exchanges, the price is taken from the order book and fixed at the time of the transaction. Limit orders are available to any client, regardless of the transaction amount: users set their price and wait for the order to be filled. For large amounts, an individual transaction rate can be negotiated.
According to monitoring by Exnode, the service ranks among the leaders in the USDT (TRC-20) to SBP direction, offering one of the most favorable rates for the RUB/USDT pair.
“Turnkey”: Your Exchange in 7–14 Days
The white label model allows for the launch of a ready-made crypto-fiat service under the client's brand. SkyCapital fully deploys the exchange, and the client receives a website with their logo and branding. The launch takes 7–14 days instead of several months of independent development.
The solution includes a website with an interface tailored to the client's brand, SBP acquiring for buying and selling cryptocurrency, KYC/AML infrastructure, an anti-fraud system, and all contractual and compliance frameworks for legal operation. Additionally, SkyCapital assists with domain and hosting setup, marketing advice, and commission configuration.
The distribution of responsibilities remains straightforward: the partner is responsible for the storefront and customer acquisition, while SkyCapital handles transaction execution, settlements, technical infrastructure, and security.
An example of such a solution is the exchange “Headliners”, a service of the eponymous podcast. The user interface is designed in the project's branding, while SkyCapital manages the processing of exchange operations via SBP, fixing the rate at the time of the transaction, and verifying transactions.
White label exchange “Headliners” on SkyCapital's infrastructure. Source: “Headliners”.The launch of a white label solution costs $4000. This amount covers the deployment of the exchange on SkyCapital's infrastructure, its configuration, and the connection of all necessary services.
Ongoing support costs $600 per month, which includes up to 10 hours of frontend and backend development, technical support, access to a database of verified partners, and consultations on marketing and project development.
According to SkyCapital, developing a similar solution independently would cost at least 10 million rubles.
API Integration: For Those with an Existing Frontend
The second connection format is aimed at existing exchanges with their own website, client base, and technical team. Instead of a ready-made storefront, they receive SkyCapital's payment and operational infrastructure, which can be integrated via API. This allows for the connection of necessary services without developing their own payment system.
The operational logic remains the same as in the white label model, but the distribution of responsibilities changes. The partner accepts client requests and manages the user scenario in their interface, while SkyCapital ensures transaction execution, settlements, and security. Through the API, instant exchanges via SBP, KYC/AML with wallet, address, and asset origin checks, anti-fraud systems, and compliance are available.
API integration is free—the partner only pays for technical support costing $400 per month. This package includes up to 10 hours of backend development, technical support, and monitoring of integration stability.
ParameterWhite Label “Turnkey”API IntegrationWho forlaunching an exchange from scratch under their brandan existing exchange with a website, base, and teamStorefrontis created by SkyCapital under the partner's brandremains with the partnerExecution, settlements, securitySkyCapitalSkyCapitalLaunch time7–14 daysdepends on integrationConnection$4000 one-time$0Monthly support$600$400“This is where the difference from the white label lies. The API solution does not include launching a storefront and business development consultations. Its purpose is to ensure stable integration for companies that already have their own website, team, and established marketing,” SkyCapital explained.
How Partners Earn
As mentioned, SkyCapital's base rates are fixed: 2% for purchasing cryptocurrency via SBP and 1.5% for selling. The partner independently sets the commission for their clients, and the difference between the base and final rate is their profit. For example, if the base commission for purchasing is 2%, and the exchange sets it at 3%, the additional 1% becomes their reward.
For the end user, the process remains seamless. The transaction takes about 30 seconds, the exchange occurs at the market rate, and AML checks and fraud protection are ensured by SkyCapital's infrastructure.
AML and KYT
SkyCapital utilizes its partner BitOK's service for conducting KYT checks—analyzing transactions, wallets, addresses, and the origin of digital assets in addition to KYC based on client questionnaire data.
According to BitOK, the service accelerates checks by 3–5 times through real-time KYT and automation. The scoring covers 39 risk categories, including sanctions, darknet, mixers, and affiliated wallets. Reporting is prepared according to FATF, MiCA, and AMLD5 requirements. The quality of control is confirmed by qualifications from ACFE, CFCS, and ACAMS. The base cost of a check starts at $0.085.
For the exchange owner, this means compliance is integrated as a ready-made service. The cost of checks can be immediately incorporated into the unit economics without creating an in-house monitoring department.
Limitations of the Model
SkyCapital's infrastructure addresses specific tasks; it is not a universal tool. Before launching, several limitations should be considered:
- the platform is focused on the Russian market. The SBP, ruble pairs, and operations within the framework of Federal Laws 115-FZ and 161-FZ make it convenient for exchanges within Russia, but not for international or anonymous operations. Those looking to conduct transactions without KYC and AML checks will find this solution unsuitable;
- API is not designed for launching a business from scratch. It is assumed that the client already has their own website, technical team, and client base. Otherwise, the company offers a white label solution for $4000. Additionally, API is only provided with a technical support package costing $400 per month.
Who Can Benefit from SkyCapital's Infrastructure
SkyCapital's solution occupies an intermediate niche between two approaches. On one side is P2P exchange with the risks of account blocks and claims from banks. On the other is the development of proprietary infrastructure. Instead, SkyCapital offers ready-made crypto-fiat exchange infrastructure via SBP, which can be used under a brand or integrated into an existing service.
The white label is designed for launching an exchange with minimal development costs, while the API is aimed at existing services that need payment infrastructure without giving up their storefront. In both cases, SkyCapital handles transaction execution, settlements, technical infrastructure, and KYC, while using its partner BitOK's service for AML/KYT checks.
Demand for “white” exchange models is growing alongside increased regulation. In an interview with ForkLog, BitOK founder Dmitry Machikhin noted:
“[One alternative to banning P2P exchange] is to legalize exchanges by imposing strict requirements on them, creating conditions for people to transition to them voluntarily, leading to the natural demise of P2P.”
SkyCapital is integrating into these changes as one of the infrastructure providers. To discuss launching a white label or API integration and request a service demonstration, you can contact the company's manager on Telegram.