A list of crypto exchanges, including global platforms, have not introduced new restrictions on Russian users after the EU’s most recent round of sanctions, Russian crypto media reported. The latest European penalties target a series of crypto-related services in an effort to increase pressure on Russia amid the escalating conflict in Ukraine.
Following the EU’s ban on crypto services, major exchanges continue to work in Russia
The European Union adopted broad sanctions last week aimed at hitting Russia’s government, economy, and trade harder. Along with other measures, the eighth package of EU restrictions banned the provision of all crypto wallets, accounts, or custodial services to Russian residents and entities.
Some companies in the industry responded quickly and have already ceased operations with Russian accounts, but many crypto exchanges still do not comply with European requirements, the crypto 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, according to its support service, has not issued an official statement on the new sanctions and continues to operate as usual. in early April, Binance announced that it had decided to comply with the EU’s fifth restriction, which affects only “high value” crypto services. Following the EU’s request for a fifth restriction, which affects only “high-value” crypto services, it restricted services for account balances exceeding €10,000 ($11,000 at the time).
Another exchange complying with the previous European crypto sanctions is Coinbase, a leading American crypto trading platform, while US-based Kraken did not impose any restrictions on Russians in the spring and has not announced any changes regarding the new set of EU measures.
FTX, a crypto exchange registered in the island nation of Antigua and Barbuda, has imposed no restrictions on users from the Russian Federation. The same is true of another popular platform in Russia, Garantex, which continues to trade with Russian traders.
Seychelles-registered Huobi Global, Okx, Kucoin, and Mexc Global have refrained from restricting Russian accounts in response to EU penalties, and Singapore-registered Bybit has told publications it will not impose sanctions against Russians.
UK-based crypto exchange Exmo, a regional leader in Eastern Europe and former Soviet space countries, sold its Russian operations to a local vendor in late April, along with the rights to the Exmo.me domain and branding.Exmo.me is a close partner of Russia and its Exmo.me will continue to promote crypto trading in Belarus and Kazakhstan, both of which are
Cryptocurrencies have been seen as a tool to enable Russians to export wealth and circumvent financial sanctions. The idea of legalizing cross-border crypto payments is gaining popularity in Moscow, and authorities there are working to adopt regulations. According to a recent statement by Anatoly Aksakov, head of the parliament’s Financial Markets Committee, the EU’s decision to tighten crypto regulations could stimulate the development of Russia’s own market for digital assets.
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