Ukraine’s Financial Watchdog Reports Blocking Russian Crypto Exchanges

Ukraine’s Financial Watchdog Reports Blocking Russian Crypto Exchanges Ukraine’s Financial Watchdog Reports Blocking Russian Crypto Exchanges  0

The financial monitoring agency of Ukraine has restricted access to a number of online crypto exchangers operating out of Russia. Some of the coin trading platforms are working with sanctioned Russian banks, the regulatory body announced in a report.

Ukrainian Financial Authorities Target Russian Crypto Exchange Websites and Wallets

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

In the document published this week, the watchdog announced its employees have joined forces with colleagues from the Ministry of Digital Transformation and leading Ukrainian crypto experts. Together, they were able to identify Russian crypto exchanges associated with Russian financial institutions placed under sanctions, including Russia’s largest bank, Sber.

The Ukrainian financial regulator did not specify the exact number of these platforms or their domain names but emphasized that the aim was to fully block them.

Also, working closely with crypto service providers in Ukraine and abroad, the SFMS introduced a mechanism for the “blocking of crypto wallets of the Russian Federation.” It’s unclear whether it means Russian wallets in general or those linked to the government in Moscow.

The state service reminded that last year it turned to Binance, the world’s largest crypto exchange, suggesting actions “to curb the aggression of the Russian Federation in the virtual assets market” and prevent peer-to-peer transactions for users of various Russian banks and payment systems.

“Other practical measures related to the blocking of Russian crypto assets and operations of Russian residents have been implemented,” the agency added without elaborating. It has been cooperating with the financial authorities of almost 140 countries on the matter while severing ties with regulators in Russia and Belarus.

Ukraine Engaged in Regional Initiative to Prevent Money Laundering Through Crypto

The SFMS also noted it’s 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 being realized with assistance from the UN and OSCE.

The report coincided with a statement by Ukraine’s Minister of Digital Transformation, Mykhailo Fedorov, promising that the country will become “the best crypto jurisdiction in the world” once it finalizes its regulatory framework for the industry.

In the past few years, Ukraine established itself as a leader in crypto adoption in Eastern Europe and has been accepting crypto donations since the start of the Russian invasion. Its parliament passed a law “On Virtual Assets” last February and has been preparing respective amendments to the Tax Code.

Tags in this story ACCESS, agency, Binance, blocking, conflict, crypto exchange, crypto exchanges, crypto wallets, Exchange, Exchanges, financial monitoring, financial watchdog, regulator, report, Russia, russian, Sanctions, service, SFMS, Ukraine, ukrainian, Wallets, War

What do you think about Ukraine blocking Russian crypto exchange platforms? Share your thoughts on the subject in the comments section below.

Ukraine’s Financial Watchdog Reports Blocking Russian Crypto Exchanges  1 Lubomir Tassev

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

Ukraine’s Financial Watchdog Reports Blocking Russian Crypto Exchanges  2 Darknet Market Solaris Hacked by Competitor, Elliptic Reveals NEWS | 5 hours ago Ukraine’s Financial Watchdog Reports Blocking Russian Crypto Exchanges  3 Objections Raised Over Appointment of Sullivan & Cromwell as Debtors’ Counsel for FTX NEWS | 15 hours ago

Image Credits: Shutterstock, Pixabay, Wiki Commons

Previous article

Kenyan Fintech Kwara Raises $3 Million in Seed Extension

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Read disclaimerShow comments

More Popular News

In Case You Missed It

Ukraine’s Financial Watchdog Reports Blocking Russian Crypto Exchanges  4

Argentinian Securities Regulator Launches Innovation Hub to Discuss Regulated Crypto Investments

The National Securities Commission (CNV), which is the Argentinian securities watchdog, recently launched an innovation hub with the goal of advancing conversations about cryptocurrency and fintech investments. This organization will serve as a link between private entities and the institution, … read more.

Goldman Predicts US Recession Odds at 35% in 2 Years, John Mauldin Wouldn’t Be Surprised if Stocks Fell 40% Iran to Increase Penalties for Unauthorized Cryptocurrency Mining Ethereum Foundation’s Financial Report Discloses It Holds $1.6 Billion in Assets, 80.5% Held in Ether Terra’s Algorithmic Dollar-Pegged Crypto UST Is Now the Third-Largest Stablecoin

Source

Updated: 01/22/2023 — 07:00

Leave a Reply

Your email address will not be published. Required fields are marked *

Btc news © 2021 Frontier Theme