Politico: two largest crypto-exchanges did not freeze sanctioned Russian banks
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The world’s two largest crypto exchanges Huobi and KuCoin did not freeze the cards of Russian banks that were previously subject to sanctions. Crypto exchanges still carry out transactions of traders with debit cards of sanctioned banks, including Sberbank. The newspaper reported Politico with reference to the report of the analytical company Inca Digital.
Inca Digital notes that Huobi and KuCoin do not accept money from Russian banks subject to US and EU sanctions, although they do allow users to transact with their debit cards. Inca Digital CEO Adam Zarazinski, in a conversation with Politico, noted that the actions of these crypto exchanges are “a direct violation of US and European sanctions with a small loophole.”
Vulnerabilities also exist in the Binance and ByBit crypto exchanges. According to Inca Digital, Binance offers users with Russian cards many ways to convert money into cryptocurrencies. The crypto exchange does not allow transactions with cards or accounts of sanctioned banks, however, similar services are available on its other platforms.
Singapore-based ByBit allows customers to convert rubles into cryptocurrencies using any card issued in Russia. To convert, users need to deposit fiat currency through an online wallet or bank card.
“Many of these exchanges have officially curtailed their activities in Russia due to the imposed sanctions. They said that they block users from Russia and do not allow them to open new accounts, ”the analysts added. They added that this highlights the US’s limited ability to cut off Russian companies and citizens from the global financial system.
In January, Kommersant wrote that the number of offers of nominal accounts for working on crypto exchanges had increased on the darknet. According to experts, the growth is due to the restrictions of crypto exchanges against the Russians.
More details – in the material “Kommersant” “Investors logged in accounts”.
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