FinCEN Warns Russia Not To Use Cryptocurrency To Evade Sanctions
The FinCEN, an agency of the US treasury department, has informed all financial institutions that Russia may likely consider using cryptocurrency to evade sanctions associated with its military activities in Ukraine. The current director of FinCEN, Him Das, explained that proactive reporting of wary actions is part of the United States’ efforts to support Ukraine […]
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The Financial Crimes Enforcement Network (FinCEN) has issued an advisory on Russian efforts to evade sanctions that includes a number of crypto-related red flags. However, the bureau admitted that it has not seen “widespread evasion” of its sanctions using cryptocurrency.
FinCEN Warns About Sanctions Evasion
The Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of the Treasury, issued an advisory Monday providing regulated financial institutions with “red flags on potential Russian sanctions evasion attempts.”
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"Prompt reporting of suspicious activity contributes to our national security and our efforts to support Ukraine and its people," said FinCEN acting director Him Das. The United States Financial Crimes Enforcement Network, or FinCEN, a bureau of the Treasury Department, has warned financial institutions to consider crypto as a possible means Russia may attempt to use to evade sanctions related to the country’s military action in Ukraine.In a Monday alert, FinCEN reminded U.S.-based financial institutions “with visibility into cryptocurrency” and convertible virtual currency, or CVC, to....
The chief executives of two major cryptocurrency exchanges, Binance and Coinbase, do not believe that cryptocurrency is an effective tool to help Russia evade Western sanctions.
CEOs of Binance and Coinbase Say Crypto Not Useful at Evading Sanctions
Since Russia began its invasion of Ukraine, governments worldwide have raised concerns that cryptocurrency could be used to circumvent sanctions placed by Western nations.
The CEOs of two leading cryptocurrency exchanges have shared their thoughts on whether crypto can be an effective tool to circumvent sanctions.....
Russia could turn to cryptocurrency if it is banned from the SWIFT payments system. Analysts have warned that if Russia is able to use crypto to evade sanctions, “political support in the U.S. for crypto will fall and regulatory risk will rise.”
Crypto Faces Regulatory Risks if Used by Russia to Evade Sanctions
Amid growing talk of banning Russia from the SWIFT global interbank payments system after its invasion of Ukraine, some analysts have warned that Russian President Vladimir Putin could turn to cryptocurrency to evade sanctions.
“We....
Russia has seemingly turned to cryptocurrency since the West decided to ‘punish’ the nation for its invasion of Ukraine. A list of sanctions had been imposed upon the country by the United States and the EU which worked to essentially cut Russia off from world traders. However, with the rise in popularity of crypto, it has provided a possible way for the country to evade these sanctions which would have otherwise stuck when fiat currencies were the only form of payment. Why Russia Could Turn To Cryptocurrency One thing that has drawn investors to cryptocurrencies such as Bitcoin is the....