Cryptocurrency exchanges have been struggling to stay afloat amid mounting pressure from the U.S. government. However, some exchanges continue to service Russian traders, even as banks and other sanctioned organizations are barred from conducting transactions.
Cryptocurrency exchanges continue to service Russian traders despite sanctions violations
Russian traders are continuing to use leading cryptocurrency exchanges to bypass sanctions. This practice is a direct violation of United States and European Union sanctions. Binance, the leading cryptocurrency exchange, has even offered Russian traders ways to convert rubles into crypto. However, the exchanges have yet to comment on the allegations.
Russian traders still using leading cryptocurrency exchanges to bypass restrictions
Binance is the leading cryptocurrency exchange in the world, and it has been accused of being a way for Russians to circumvent sanctions. Chagri Poyraz, global head of sanctions at Binance, stated that the exchange is a “full-KYC platform” and was the first major exchange to implement EU crypto-related sanctions.
#1 – Russian Traders Still Using Leading Cryptocurrency Exchanges to Bypass Restrictions
Nearly half of the 163 crypto trading platforms assessed in the report allow Russian nationals to buy digital currencies, applying different know-your-customer (KYC) requirements, trading limits, and geolocation tools. These platforms include centralized exchanges like Coinbase Pro and Bitfinex as well as decentralized exchanges like Binance and EOSfinex.
Cryptocurrency exchanges continue to serve Russian traders despite sanctions violations. Despite this, the Russian economy is struggling, and many people are losing their jobs. Cryptocurrency exchanges are a big reason why the Russian economy is struggling, and they need to be more careful in the future.