The failure in EU sanctions against Russia in crypto-currencies

A list of crypto exchanges, including global platforms, have not introduced new restrictions for Russian users after the latest round of EU sanctions, Russian crypto media reported. The latest EU sanctions target a range of crypto-currency-related services to increase pressure on Russia amid escalating conflict in Ukraine.

Major exchanges continue to operate in Russia after EU ban on crypto-currency services.

The European Union adopted a wide range of sanctions last week, aimed at hitting Russia’s government, economy and trade harder. Along with other measures, the EU’s eighth package of restrictions banned the provision of all crypto-currency wallet, account or custody services to Russian residents and entities.

While some companies in the sector have been quick to respond and have already suspended trading with Russian accounts, a number of crypto-currency exchanges have yet to comply with the European requirements, the crypto page of Russia’s leading business news portal RBC revealed in a report.

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Among them is Binance, the world’s largest digital asset exchange by daily trading volume, which has not made an official statement regarding the new sanctions and continues to operate as usual, according to its support service. In early April, Binance limited services for account balances exceeding €10,000, as required by the EU’s fifth round of restrictions, which only affected crypto-currency services.”of high value“.

Another exchange that is complying with previous EU crypto sanctions is Coinbase, the leading US crypto exchange platform, while US-based Kraken did not impose restrictions on the Russians in the spring and has not announced any changes regarding the new round of EU measures.

Crypto-currency exchange FTX, which is registered in the island nation of Antigua and Barbuda, has not imposed restrictions on users from Russian Federation. The same goes for another popular platform in Russia, Garantex, which continues to work with Russian traders.

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Seychelles-registered Huobi Global, Okx, Kucoin and Mexc Global refrained from restricting Russian accounts in response to EU sanctions, and Singapore-registered Bybit told the publication it would not impose sanctions on Russians.

U.K.-based crypto-currency exchange Exmo, a regional leader in Eastern Europe and the former Soviet space, sold its Russian business to a local vendor in late April, along with the rights to the Exmo.me domain and brand. Exmo.me continues to facilitate crypto-currency exchanges in Russia and its close partners Belarus and Kazakhstan.

Crypto-currencies have been seen as a tool for Russians to circumvent financial sanctions. The idea of legalizing cross-border crypto-payments has gained traction in Moscow, and authorities have been working to adopt regulations. According to a recent statement by the head of Russia’s parliamentary financial markets committee, Anatoly Aksakov, the EU’s decision to tighten restrictions on crypto-currencies could potentially spur the development of Russia’s own digital assets market.

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