You are wrong about their volumes. You are naive
I've spent 10 minutes with web analytics tools and I can bet their volume is much more higher.
Btw whats wrong with the legal scheme here?
For example (as I see it):
- they have legal entity in Belize
- they have legal entity in Russia operating development
- Belize and Russian company have signed development contract and Belize pays Russian company for development
- they really don't need a license for crypto exchanges if they do not provide their service to USA citizens (and some other countries like Northern Korea as I remember)
- doesn't matter where in fact the team is located
- I guess their servers are located somewhere in Europe so in fact the exchange takes place not in Russia
- they have terms of use and you accept it by using their site
Could you please point to any mistakes in my logic?