Announced in a blog post published on Tuesday, April 12, the Belarusian crypto exchange Currency.com says it will restrict its services for Russian users following Vladimir Putin’s invasion of Ukraine earlier this year. “The Russian invasion of Ukraine brought violence and disorder to the people of Ukraine. We condemn the Russian aggression in the strongest…
As Russia’s war in Ukraine continues, cryptocurrencies are taking on an important role in the conflict, but not in the capacity of evading sanctions on Russian entities or oligarchs. On the contrary, crypto has proven itself to be very useful in supporting Ukraine as users around the world have donated over $56 million in cryptocurrency…
Pavel Zavalny, the head of Russia’s Committee on Energy, said earlier today that the country will enable friendly countries to pay for oil, gas, and other exports in Bitcoin. The statement comes as Russian lawmakers look to offset the economic damage from sanctions imposed by the U.S. and the E.U. and amp up trade with…
Last week U.S. Senator Elizabeth Warren (D-MA), along with ten other democrat senators, introduced a bill to block cryptocurrency companies from conducting business with sanctioned companies, fearing cryptocurrencies might constitute a vehicle for evading sanctions against Russia in the ongoing war with Ukraine. In short, the Digital Asset Sanctions Compliance Enhancement Act of 2022, as…
Sanctions against the Russian Federation are hitting hard on the Russian nation and its businesses, financial- and payment systems, and citizens alike. More and more nations and institutions are lining up to impose sanctions, and it seems as if deeper and wider sanctions are coming. Russia has been on a mission to de-risk its dependence…
Brett Harrison, the CEO of FTX US, said that recent public assertions that crypto is an effective means of evading sanctions couldn’t be more wrong. Harrison said that regulated cryptocurrency exchanges have advanced technology and effective procedures for enforcing AML and sanctions, making them an improbable road for moving sanctioned money. AML and KYC regulations…
Coinbase will not be instating sanctions against its Russian users, its CEO Brian Armstrong said earlier today. Armstrong addressed the ongoing issue of banning Russian citizens from accessing cryptocurrency exchanges, saying that Coinbase won’t be preemptively banning Russians its platform. “Some ordinary Russians are using crypto as a lifeline now that their currency has collapsed….
As the war in Ukraine is continuing on its sixth day, sanctions imposed on Russia are both widening and deepening. More and more countries and international institutions are implementing sanctions, and the sanctions already in place are getting tougher on the Russian regime. While sanctions imposed on the infrastructure of traditional finance and payments have…
As many have anticipated, and some feared, Western governments will be using the Society for Worldwide Interbank Financial Telecommunications (SWIFT) payment system to tighten sanctions on Russia after President Putin’s military attack on the neighboring country of Ukraine. Western leaders agreed Saturday to impose more financial sanctions on Russia, including removing “selected Russian banks” from…