Crypto Exchanges Still Available to Russians Despite Latest EU Sanctions, Report Unveils – Exchanges Bitcoin News

A list of crypto exchanges, including global platforms, have failed to introduce new restrictions on Russian users following the most recent round of EU sanctions, the crypto media outlet of Russia reported. The latest European penalties target a range of crypto-related services in an attempt to increase pressure on Russia amid the escalating conflict in Ukraine.

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

European Union adopted child A flurry of sanctions last week, aimed at delivering a stronger blow to Russia’s government, economy and commerce. Among other measures, the EU’s eighth package of restrictions banned the provision of all crypto wallet services, accounts or custody services to residents and entities of Russia.

While some companies in the industry were quick to react and have prohibit Working with Russian accounts, some crypto exchanges have yet to comply with European requirements, the cryptocurrency page of Russia’s leading business news portal RBC revealed in a report.

Among them is Binance, the world’s largest digital asset exchange by daily trading volume, which has yet to make an official statement on the new sanctions and continues to operate as usual. according to its support service. In early April, Binance limited services to account balances in excess of €10,000 ($11,000 at the time), as required by the EU. fifth round limited, affecting only “high-value” cryptocurrency services.

Another exchange that was compliant with European crypto sanctions in the past is Coinbase, the leading US crypto trading platform, while US-based Kraken has not imposed restrictions to the Russians in the spring and did not announce any changes regarding the new set of EU measures.

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

Huobi Global, Okx, Kucoin and Mex Global registered with Seychelles have not restricted Russian accounts in response to EU penalties, and Singapore-registered Bybit has stated to the publication that they will not impose the penalties. sanctions against the Russians.

UK-based cryptocurrency exchange Exmo, a regional leader in Eastern Europe and countries in the former Soviet Union space, sold operating its business in Russia to a local supplier at the end of April, along with the rights to the domain and trademark. continues to support cryptocurrency trading in Russia and its close partners, Belarus and Kazakhstan.

Cryptocurrencies have been seen as a tool that allows Russians to export wealth and avoid financial sanctions. The idea of ​​legalizing cross-border crypto payments has been gaining traction in Moscow, and authorities there have been working to adopt regulations. According to a recent statement by the head of the Parliament’s Financial Markets Committee, Anatoly Aksakov, the EU’s decision to tighten crypto restrictions is likely to stimulate the growth of Russia’s own digital asset market .

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Do you think the crypto exchanges mentioned in the report will impose restrictions on Russian users in the future? Let us know in the comments section below.

Lubomir Tassev

Lubomir Tassev is a tech-savvy Eastern European journalist who likes Hitchens’ quote: “Becoming a writer is in my nature, rather than what I do”. Besides cryptocurrency, blockchain and fintech, international politics and economics are two other sources of inspiration.

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