Crypto exchange executives respond to sanction 'misinformation' by fintechfrank
Cryptocurrency exchanges are not shutting off access to Russian users, but that doesn’t mean they’re necessarily breaking sanctions.That's one crypto exchange executive, speaking in a message to The Block, amidin the context of Russian economic sanctions amid the invasion of Ukraine.
Crypto exchanges are required by the Office of Foreign Assets Control to blacklist certain Russian individuals and entities that include a group of known oligarchs. But they haven't gone as far as completely shutting off all Russian clients, which experts say is not a requirement but has become a popular move by some companies amid the ongoing invasion of Ukraine but Russia's military.
"While the U.S. has placed geographic-related sanctions on the two separatist regions in Ukraine, there’s not yet a full embargo in place on Russia," Brown said in a phone call with The Block, adding: For example, exchanges monitor the source of wire transfers to their platform to ensure they are not tied to individuals or entities black-listed via OFAC's Specially Designated Nationals and Blocked Person's List.
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