Why The EU Will Sanction All Russian Crypto Transactions And Wallets

The US sanction on Tornado Cash has now made the rounds and is well-known news by now. The sanction against the famous coin tumbler has been coming for a while, which was not the least expected when it happened due to its affiliations with bad actors that have stolen billions of dollars from investors. However, […]

Most companies in the United States and other Western nations are no longer allowed to conduct business or exchange money with Russian banks. As the West and America tighten their economic sanctions on Russia, concerns have emerged about how this will affect the cryptocurrency market.The country has been largely cut off from the SWIFT international payment system, and businesses in the United States and other Western nations are banned from doing business or transacting with Russian banks and the national wealth fund.Executives at crypto exchanges have weighed in on the sanctions and their....

Ukraine is now trying to expose cryptocurrency wallets used by politicians in Moscow amid warnings that Russia may employ digital coins to circumvent sanctions. The initiative comes as western allies agree to expel some Russian banks from SWIFT, the global interbank payments system. Government of Ukraine Seeks Info on Crypto Assets of Russian and Belarusian Officials Authorities in Kyiv have issued a call on social media for information about crypto wallets controlled by politicians in Russia and Belarus. On Saturday, Ukraine’s Deputy Prime Minister Mykhailo Fedorov....

Cryptocurrency exchange Bybit has no intention to introduce restrictions for Russian traders, despite a recent reminder by the Monetary Authority of Singapore (MAS) about the obligations of crypto providers in that respect. According to a crypto media report, the platform shared its position in correspondence with partners. Bybit Reportedly Vows to ‘Not Discriminate Against Crypto Users Based on Location and Passport’ Singapore-based crypto exchange Bybit will not restrict users from the Russian Federation, despite the city-state’s central bank reiterating this week that licensed coin....

Keeping cryptocurrencies in non-custodial wallets may be criminalized in Russia, if authorities accept a proposal from the trade association representing Russian banks. While financial regulators think the idea deserves attention, lawmakers and experts doubt it’s possible to implement such a measure. Russian Banks Move to Curb Use of Private Cryptocurrency Wallets Challenges with foreclosure and seizure of crypto assets held by debtors and criminals have motivated the Association of Banks of Russia (ABR) to suggest introducing criminal liability for storing coins in non-custodial....