The cryptocurrency exchange TokenSpot has announced the launch of account funding via transfers in partnership with one of Russia's largest banks. This operation is classified as a standard payment and takes just a few minutes, representatives from the trading platform informed ForkLog.

While the name of the partner bank has not been disclosed, TokenSpot clarified that over 50 million bank customers can now access this funding option thanks to the integration. Funds are transferred directly from the account—without intermediaries or P2P advertisements. The process is similar to transferring money to oneself at another bank using a phone number.

“For the cryptocurrency market in Russia, this signifies the emergence of new infrastructure—not a workaround, but a full-fledged tool comparable to fintech services. The industry is witnessing an example of interaction between a centralized exchange and banking institutions,” commented TokenSpot representatives.

How Funding Works

To make a transfer, you will need to:

  • register on TokenSpot with your full name and phone number;
  • in the partner bank's app, navigate to the “Payments” section, then select “Transfer by Phone”;
  • enter the phone number linked to your TokenSpot account;
  • choose TokenSpot from the list of recipients.

Why an Alternative to P2P is Needed

According to TokenSpot representatives, banks have recently intensified monitoring of transfers between individuals. This includes operations related to cryptocurrency exchanges. Users of P2P platforms often face card and account blocks, especially with high transaction volumes.

Purchasing through P2P requires vetting sellers and carries risks of fraud. Alternatives include offline exchanges and cash transactions, each with their own limitations.

“Methods for buying and selling cryptocurrency are moving out of the shadows and towards regulation. The funding method agreed upon with the bank eliminates the risk of blocks,” the company stated.

TokenSpot is an exchange where individuals can access bank funding and withdrawal methods, trade on the spot market, and leverage up to 100x for over 30 futures pairs.

Companies can buy and sell USDT for non-resident rubles. The platform supports transfers, contractual work with full documentation, and transactions involving large volumes. Trading fees range from 0.5% to 0.1% depending on monthly turnover.

Previously, ForkLog analyzed where the P2P segment went off track and explained why it is dangerous to engage in transactions with suspicious counterparties.