Major crypto exchanges still allow Russians to circumvent sanctions, report says.
Major crypto exchanges have failed to prevent sanctioned Russian banks and traders from transacting, according to a blockchain forensics report. At least two established coin trading platforms continue to allow Russians to use their bank cards in peer-to-peer deals, the analysis shows. It also highlights an increased Russian interest in tether.
According to the research, quoted by Bloomberg and Politico, traders can still use debit cards issued by Russian banks sanctioned by the U.S., Canada, U.K., and the European Union among others, including the state-owned Sberbank, to trade on the peer-to-peer platforms of two Seychelles-based exchanges, Huobi and Kucoin.
Inca CEO Adam Zarazinski explained that while neither of the two accepts funds from the blacklisted banks, allowing crypto buyers to trade with each other using accounts with sanctioned institutions represents a “direct violation of U.S. and European sanctions with a little bit of a loophole.” The exchanges are yet to comment on the findings.The investigation examined data on 163 crypto trading platforms, centralized and decentralized exchanges, as well as P2P and OTC service providers.
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