04.February 2023

EU, US Concerned Russia May Use Crypto to Avoid Sanctions

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Quick take:

The four U.S Senators went on to request information on what steps the U.S. Treasury was taking to ensure Russia and sanctioned individuals, were not using cryptocurrencies to bypass global sanctions. They emphasized that the sanction program against Russia needed to be strong enough and inclusive of digital assets.

With respect to compliance with sanctions against Russia, the CEOs of Coinbase and Binance have clarified that both platforms will follow the law and will not lock out ordinary Russian users.

According to CZ, Binance has ‘assembled a dedicated global compliance task force, including world-renowned sanctions and law enforcement experts’ working tirelessly to enforce sanctions.

To note is that neither Coinbase nor Binance has banned regular individual traders from Russia on their platforms.


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