-1 C
Saturday, December 2, 2023

Despite recent EU sanctions, Russians can still use cryptocurrency exchanges, according to a new report


Related stories

Handre Pollard of South Africa Anticipates a Fierce Encounter with England in the Semi-Finals

South Africa's Rugby World Cup semi-final preparations continued in...

Scammers Utilize Artificial Intelligence to impersonate African Union Leader Moussa Faki

African Union Chief Moussa Faki Impersonated in Cyber Scam...

Victor Osimhen Faces Nearly a Month on the Sidelines Due to Hamstring Injury

Napoli's Nigerian striker, Victor Osimhen, has suffered a right...

Kenyan Facebook Moderators Allege Insincere Negotiations by Meta

The attorney representing 184 former Facebook content moderators in...

According to Russian crypto media, a list of crypto exchanges, including global platforms, have not imposed new restrictions on Russian users following the EU’s most recent sanctions round. The latest European sanctions target a variety of crypto-related services in an effort to increase pressure on Russia as the conflict in Ukraine escalates.

Following the EU’s ban on crypto services, major exchanges continue to operate in Russia.

Last week, the European Union imposed a slew of sanctions aimed at hammering Russia’s government, economy, and trade. The eighth package of EU restrictions, among other things, prohibited the provision of any cryptocurrency wallet, account, or custody services to Russian residents and entities.

While some companies in the industry reacted quickly and have already suspended operations with Russian accounts, a number of crypto exchanges have yet to comply with European requirements, according to a report on the crypto page of leading Russian business news portal RBC.

Read Also  German court sentences five people for stealing jewelry worth 100 million euros.

Binance, the world’s largest digital asset exchange by daily trading volume, is one of them. According to its support service, the company has not issued an official statement regarding the new sanctions and is continuing to operate as usual. Binance limited services for account balances greater than €10,000 ($11,000 at the time), as required by the EU’s fifth round of restrictions, which affected only “high-value” crypto services, in early April.

Coinbase, the leading American crypto trading platform, also complies with previous European crypto sanctions, while US-based Kraken did not impose restrictions on Russians in the spring and has not announced any changes in response to the new set of EU measures.

Read Also  Deadly new earthquakes bury people in Turkey's rubble

The cryptocurrency exchange FTX, which is registered in the island nation of Antigua and Barbuda, has not imposed any restrictions on Russian Federation users. The same is true for Garantex, another popular Russian trading platform that continues to work with Russian traders.

In response to EU penalties, Seychelles-registered Huobi Global, Okx, Kucoin, and Mexc Global have refrained from restricting Russian accounts, and Singapore-registered Bybit has told the publication that it will not impose sanctions against Russians.

Exmo, a regional leader in Eastern Europe and countries in the former Soviet space, sold its Russian business, as well as the rights to the Exmo.me domain and branding, to a local vendor in late April. Exmo.me continues to make cryptocurrency trading easier in Russia and its close partners, Belarus and Kazakhstan.

Read Also  After a ship capsizes, Greece reports 80 refugees were saved

Cryptocurrency is viewed as a tool that allows Russians to export wealth and avoid financial sanctions. The idea of legalizing cross-border crypto payments has gained traction in Moscow, where authorities are working to implement regulations. According to Anatoly Aksakov, the head of the parliamentary Financial Market Committee, the EU’s decision to tighten crypto restrictions may stimulate the development of Russia’s own market for digital assets.

Oh hi there 👋
It’s nice to meet you.

Sign up to receive awesome & exclusive content in your inbox, every week.

We don’t spam! Read our privacy policy for more info.

InsiderBLM is a fast-growing business site with deep financial, media, tech, and other industry verticals.


- Never miss a story with notifications

- Gain full access to our premium content

We don’t spam! Read our privacy policy for more info.

Latest stories