Some institutions and companies, especially the USA and EU countries, imposed economic sanctions on Russia against Russia’s invasion of Ukraine.
To avoid these economic sanctions, Russia to cryptocurrencies This prompted the US authorities to take action.
Finally Financial Crimes Enforcement Network (FinCEN) in a recent report to US-based financial institutions as one of Russia’s methods to evade sanctions. cryptocurrencies and convertible virtual currencies (CVC) warned them to be careful.
FinCEN has also asked financial institutions to report any activities by Russia that they deem suspicious that may be evading sanctions imposed by the United States and other countries.
In the report “ It is critical that all financial institutions detect and promptly report suspicious activity associated with Russia’s possible avoidance of sanctions.” expressions were used.
“No Suspicious Cases Yet!”
FinCEN Deputy Chairman Him Das said in a statement on the subject:
“While we do not see widespread evasion of our sanctions using methods such as cryptocurrencies, prompt reporting of suspicious activity contributes to our national security and our efforts to support Ukraine and its people.”
Before FinCEN’s warning Mykhailo Fedorov, Minister of Digital Transformation of Ukraine, In view of the possibility of Russia avoiding sanctions using cryptocurrencies from cryptocurrency exchanges demanded that all Russian users block their addresses.
However Binance, Coinbase and Kraken Cryptocurrency exchanges such as the leading cryptocurrency exchanges announced that they will not freeze the accounts of all Russian users unless there is a legal requirement.