Joe Biden’s administration asks crypto exchanges to freeze the accounts of sanctioned Russians

The exchanges plan to meet the requirements of regulators

01.03.2022 - 08:45

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What’s new? The White House has stated that crypto exchanges have to block the accounts of users from Russia who are on the sanctions lists. The Joe Biden administration is now in discussions with the largest venues, Bloomberg reports. The US officials believe that Russians caught up in the sanctions can use digital assets to circumvent the regulations.

Information on the Bloomberg website

How did the largest exchanges react to the demand? Bloomberg conducted a survey among representatives of major platforms regarding the issue of blocking Russian users. Binance said that the exchange does not intend to freeze the accounts of all users. But the company noted that measures will be taken to identify wallets owned by Russians from the sanctions lists.

The FTX platform cooperates with the officials in the US and the Bahamas to ensure regulatory requirements are met. The representatives of the Coinbase exchange reported that they restrict access to wallets identified by the US Treasury Department’s Office of Foreign Assets Control or the exchange’s internal systems as belonging to sanctioned users.

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