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A list of crypto exchanges, including global platforms, have not imposed new restrictions on Russian users following the EU’s latest round of sanctions, Russian crypto media reported. The latest European sanctions target a range of crypto-related services to increase pressure on Russia amid an escalating conflict in Ukraine.
The European Union adopted a wide range of sanctions last week, aimed at hitting Russia’s government, economy and trade harder. Along with other measures, the eighth package of EU restrictions prohibited the provision of any crypto wallet, account or custody services to Russian residents and entities.
While some companies from the industry have reacted quickly and already suspended operations with Russian accounts, a number of crypto exchanges have not yet complied with the European requirements, the crypto page of the leading Russian business news portal RBC revealed in a report.
Among them is Binance, the world’s largest digital asset exchange by daily trading volume, which has not issued an official statement regarding the new sanctions and continues to operate as usual, according to the support service. In early April, Binance restricted services for account balances exceeding €10,000 ($11,000 at the time), as required by the EU’s fifth round of restrictions, which only affected “high-value” crypto services.
Another exchange complying with the previous European crypto-sanctions is Coinbase, the leading US crypto-trading platform, while US-based Kraken did not impose restrictions on Russians this spring and has not announced any changes regarding the new set of EU measures.
Crypto exchange FTX, which is registered in the island nation of Antigua and Barbuda, has not imposed restrictions on users from the Russian Federation. The same applies to another platform popular in Russia, Garantex, which continues to work with Russian traders.
Seychelles-registered Huobi Global, Okx, Kucoin and Mexc Global have refrained from restricting Russian accounts in response to EU sanctions, and Singapore-registered Bybit has told the publication that it will not impose sanctions on Russians.
UK-based crypto exchange Exmo, a regional leader in Eastern Europe and the countries of the former Soviet space, sold its Russian operations to a local vendor in late April, along with the rights to the Exmo.me domain and branding. Exmo.me continues to facilitate crypto trading in Russia and its close partners, Belarus and Kazakhstan.
Cryptocurrency has been seen as a tool that allows Russians to export wealth and circumvent economic sanctions. The idea of legalizing cross-border crypto payments has gained traction in Moscow, and the authorities there have been working on adopting regulations. According to a recent statement by the head of the parliamentary financial market committee, Anatoly Aksakov, the EU’s decision to tighten crypto restrictions could potentially stimulate the development of Russia’s own market for digital assets.
Do you think the cryptocurrency exchanges mentioned in the report will impose restrictions on Russian users in the future? Tell us in the comments section below.
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