Ukraine’s Financial Watchdog Reports Blocking Russian Crypto Exchanges
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- 25 Jan 2023
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The financial monitoring agency of Ukraine has restricted access to a number of online crypto exchangers operating out of Russia. Some of the coin trading platforms are working with sanctioned Russian banks, the regulatory body announced in a report.
The financial monitoring agency of Ukraine has restricted access to a number of online crypto exchangers operating out of Russia. Some of the coin trading platforms are working with sanctioned Russian banks, the regulatory body announced in a report.
Ukrainian Financial Authorities Target Russian Crypto Exchange Websites and Wallets
The State Financial Monitoring Service (SFMS), a unit of Ukraine’s financial intelligence, has issued a special report on the results of its operations in 2022. Besides its peacetime activities such as combating money laundering, the agency revealed it has contributed to the country’s defense effort as part of the ongoing conflict with Russia.
In the document published this week, the watchdog announced its employees have joined forces with colleagues from the Ministry of Digital Transformation and leading Ukrainian crypto experts. Together, they were able to identify Russian crypto exchanges associated with Russian financial institutions placed under sanctions, including Russia’s largest bank, Sber.
The Ukrainian financial regulator did not specify the exact number of these platforms or their domain names but emphasized that the aim was to fully block them.
Also, working closely with crypto service providers in Ukraine and abroad, the SFMS introduced a mechanism for the “blocking of crypto wallets of the Russian Federation.” It’s unclear whether it means Russian wallets in general or those linked to the government in Moscow.
The state service reminded that last year it turned to Binance, the world’s largest crypto exchange, suggesting actions “to curb the aggression of the Russian Federation in the virtual assets market” and prevent peer-to-peer transactions for users of various Russian banks and payment systems. Read More…
