The U.S. is going to block Russian crypto-exchange users
The U.S. Congress introduced a bill to impose sanctions on foreign cryptocurrency exchanges that cooperate with Russian legal entities. Moreover, the bill allows the Minister of Finance to block transactions of Russian users on cryptocurrency exchanges.
According to Reuters, If the bill is adopted, the US Department of the Treasury will be obliged to publicly identify foreign cryptocurrency trading platforms exposed to a high risk of evading sanctions and money laundering. Taxpayers will also have to report any offshore crypto transactions over $10k.
Recall that earlier, the heads of such U.S. cryptocurrency exchanges as Kraken and Coinbase announced that they would block the accounts of all Russian clients, if such an order comes from the U.S. authorities. At the same time, Binance and EXMO exchanges reported that they would not block all Russian users, but would only restrict access to their trading platforms to those on sanctions lists. Meanwhile, BTC-Alpha, KUNA, CEX IO, and Qmall platforms, imposed restrictions on Russians.
- Russia could use cryptocurrency to blunt the force of US sanctions
- Russia gets a black cryptocurrency market
- MetaMask and OpenSea prepare to block customers from certain countries
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