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Bloomberg: the U.S. asks crypto exchanges to prevent Russia from circumventing sanctions

Bloomberg: the U.S. asks crypto exchanges to prevent Russia from circumventing sanctions

The White House National Security Council and the U.S. Treasury Department asked major centralized cryptocurrency exchanges to crack down on any attempts to bypass U.S. and European sanctions by the Russian government. 

Why is it so important?

  • US and European sanctions against Russia could trigger increased demand for cryptocurrencies
  • Hash rates of some cryptocurrencies may decrease due to restrictions on pools of Russian miners

Bloomberg reports that the White House spokesman said US authorities plan to crack down on the abusive use of cryptocurrencies to circumvent sanctions. However, he did not specify exactly how they plan to do this, other than appealing to centralized cryptocurrency exchanges. 

However, cryptocurrency exchanges are not ready to comply with the U.S. request so far. For instance, Kraken and Binance exchanges stated that they are not yet ready to shut down the accounts of millions of Russians unless there is a serious reason or legal requirement to do so. 

Recall that The New York Times previously reported that Russia could use cryptocurrency to blunt the force of US sanctions

Related info

Over the past 12 months, the cryptocurrency market has grown by 36%, raising its capitalization to a record $9.3 billion. This boosted both the development of existing crypto exchanges and the creation of new ones. Therefore, newcomers as well as experienced traders often find it difficult to decide which exchange is the best to trade on. We have compiled our own list of centralized cryptocurrency exchanges for EU and US residents to solve this issue.

Read more: Best centralized crypto exchanges in 2022

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