U.S. Imposes Sanctions On Russia-Linked Bitcoin Addresses
In its effort to stifle entities that attempted to influence U.S. elections the Treasury Department sanctioned several bitcoin addresses.As part of an effort against entities that attempted to influence the 2020 U.S. presidential election, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC), recently announced sweeping sanctions to curb the work of Russian online influence outfit the Internet Research Agency (IRA). This included adding several bitcoin addresses to its “Specially Designated Nationals” list of entities that U.S. citizens are blocked or prohibited....
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As some platforms freeze accounts linked to Russia and Belarus, Binance said it will not block innocent Russians’ crypto assets. As the West continues to impose more sanctions against Russian banks following Russia’s invasion of Ukraine, one Ukrainian official has called for sanctions on Russians’ cryptocurrency holdings as well.Mykhailo Fedorov, minister of digital transformation of Ukraine, took to Twitter on Sunday to urge the global cryptocurrency exchanges to block addresses of Russian users.He emphasized that exchanges should freeze not only the addresses tied to Russia and Belarus....
It has been argued that Russia may avoid Western sanctions for invading Ukraine by using cryptocurrencies. However, is it viable? The small scale of the cryptocurrency market restricts Russia’s capacity to use cryptocurrencies to bypass international sanctions, according to credit rating agency Moody’s. Analysts predict that sanctions will prompt the Russian Federation to create alternatives to […]
Bitcoin erased most of its losses earlier in the day as Biden announced the U.S. would limit Russia’s ability to trade in Western currencies.
The Central Bank of Russia has turned down a proposal to allow the use of digital currencies for the purpose of sanctions evasion. The monetary authority believes this is hardly an option as Western regulators are already taking steps to prevent such transactions. Employing Bitcoin to Evade Sanctions Not Possible, Central Bank of Russia Says Bank of Russia considers it impossible to use cryptocurrencies to circumvent financial restrictions imposed over the military conflict in Ukraine. That’s according to a statement by the central bank’s First Deputy Governor Ksenia....
The Monetary Authority of Singapore says crypto exchanges in the country must comply with financial sanctions against Russia. The Monetary Exchange of Singapore (MAS), the country’s central bank and financial regulator, reminded all authorized cryptocurrency exchanges in the country to comply with financial sanctions in place toward Russia. This statement comes after research that revealed millions in crypto donations raised by pro-Russia groups in support of the ongoing conflict in Ukraine and increased sanctions on Russia from financial authorities around the world.Singapore’s decision....