Ukraine’s Financial Watchdog Reportedly Blocking Russian Crypto Exchanges – Bitcoin News

The Financial Monitoring Agency of Ukraine has restricted access to a number of online crypto exchanges operating outside of Russia. Some coin trading platforms work with sanctioned Russian banks, the regulator said in a report.

Ukrainian Financial Authorities Target Russian Crypto Exchange Sites and Wallets

The State Financial Monitoring Service (SFMS), the financial intelligence unit of Ukraine, has published a special report on the results of its operations in 2022. In addition to its peacetime activities, such as combating money laundering, the agency has found that it has contributed to the country’s defense. efforts as part of the ongoing conflict with Russia.

In a document released this week, the watchdog announced that its staff had joined forces with colleagues from the Ministry of Digital Transformation and leading Ukrainian crypto experts. Together, they were able to identify Russian crypto exchanges linked to sanctioned Russian financial institutions, including Russia’s largest bank, Sber.

Ukraine’s financial regulator did not specify the exact number of these platforms or their domain names, but emphasized that the goal is to block them completely.

Also, in close cooperation with crypto service providers in Ukraine and abroad, SFMS implemented a “blocking mechanism for crypto wallets of the Russian Federation”. It is unclear whether it is Russian wallets in general or related to the Moscow government.

The state service recalled that last year it appealed to Binance, the world’s largest crypto exchange, proposing actions to “restrain the aggression of the Russian Federation in the market of virtual assets” and prevent transactions with partners for various Russian banks and users. payment systems.

“Other practical measures have been implemented related to the blocking of Russian crypto-assets and the operations of Russian residents,” the agency added, without elaborating. It cooperates with the financial authorities of almost 140 countries on this issue, cutting ties with regulators in Russia and Belarus.

Ukraine has participated in a regional initiative to prevent money laundering through Crypto

SFMS also noted that it is involved in cooperation between Ukraine, Georgia and Moldova, countries with a steadily growing crypto market and mining sector, focused on reducing money laundering through digital assets. The project is implemented with the support of the United Nations and the OSCE.

The report coincided with a statement by Ukraine’s digital transformation minister, Mykhailo Fedorov, who promised the country would become “the best crypto jurisdiction in the world” once it completes its regulatory framework for the sector.

Over the past few years, Ukraine has established itself as the leader in crypto adoption in Eastern Europe and has been accepting crypto donations since the beginning of the Russian invasion. Its parliament adopted the “Virtual Assets” law last February and was preparing the corresponding changes in the Tax Code.

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ACCESS, agency, Binance, blocking, conflict, crypto exchange, crypto exchanges, crypto wallets, exchange, exchanges, financial monitoring, financial control, regulator, reporting, Russia, Russian, Sanctions, service, SFMS, Ukraine, Ukrainian, Wallets, War

Do you think Ukraine is blocking Russian crypto exchanges? Share your thoughts on the topic in the comments section below.

Lubomir Tasev

Lubomir Tasev is a tech-savvy Eastern European journalist who likes the Hitchens quote. “Being a writer is what I am, not what I do.” Apart from crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

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