'It could destroy your life’: Crypto trading goes to rehab

Former cryptocurrency trader Stevie Rojas in Manila, the Philippines, on April 18. — The old cravings sometimes creep up on Stevie Rojas and work on his nerves and start to hijack his brain. But he says that he’s kicked the habit — that he’s quit cryptocurrencies cold turkey.

But both scientific understanding and popular viewpoints are shifting. Psychiatrists lately have been zeroing in on addictive disorders involving behaviours. “Gambling disorder” was only officially recognised a behavioural addiction by the U.S. medical community in the past decade . The latest edition of the American Psychiatric Association manual, sometimes referred to as the bible of psychiatry, lists an excessive preoccupation with online video games as deserving of more research.

And then there is a third, and a big one. Despite the craziness that can prevail on the fringes of crypto, established tokens have taken on the air of legitimate investments. That makes it easier for people to rationalise speculative bets that, in some cases, are little more than a throw of the dice. Plus, crypto-trading plays out globally, 24/7, with the swipe of a smartphone or the click of a mouse.

Clients here undergo therapy with a team of three psychotherapists. Personal trainers, nutritionists, yoga teachers, acupuncturists and the like help soothe troubled minds, says Jan Gerber, who runs the private clinic. He goes on: “And it's amazing. These are very intelligent people, but they stop thinking straight. They know enough about statistics to understand that the chance that they will win back is really small, but they still believe it, and the more they lose, the more they want to play or buy.’’

Steven Elphinstone came to Castle Craig for a variety of reasons. Elphinstone, 50, was working as a tunnel miner in London when he got into spread betting, a speculative derivatives strategy that’s banned in the United States. He started trading crypto early, around 2015, and promised himself he’d become a Bitcoin millionaire.

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Crypto exchange Binance curbs services in Russia:The world's largest cryptocurrency exchange is deactivating the accounts of its major clients in Russia, it said on Thursday, cutting back its services in the country in line with European Union sanctions.Binance told users that Russian nationals and people living in the country, as well as companies based t
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Crypto exchange Binance limits services in Russia after EU sanctionsBinance, the largest crypto exchange by trading volumes, said on Thursday it is limiting services for Russian nationals that have crypto assets exceeding 10,000 euros ($10,912.00), in light of European Union's (EU) latest sanctions against Russia.Earlier this month, EU in its fifth package of sanctions ag
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