Russians were warned about the need to withdraw funds from centralized platforms

Attorney Andrey Tugarin noted that exchanges licensed in the EU will be forced to comply with the new sanctions

07.10.2022 - 06:45

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2 min

What’s new? Managing partner of GMT Legal Andrey Tugarin said that cryptocurrency exchanges with a license in the European Union will be forced to comply with the eighth package of anti-Russian sanctions. This, in turn, will lead to new opportunities for non-custodial platforms and decentralized finance (DeFi) projects. Tugarin voiced this opinion in an interview with Forklog.

The full version of the material on the Forklog website

What is known about the sanctions? On October 6, the EU authorities imposed a complete ban on the maintenance of the crypto wallets of the Russian Federation’s citizens. Russians will also not be able to create accounts or store digital assets on crypto platforms, regardless of their amount.

What other statements have been made? Tugarin believes that Russian citizens should consider temporarily withdrawing funds from major platforms licensed in the EU. He added that tightening restrictions will lead to new opportunities for projects that do not ask for verification with a passport. In question are decentralized and non-custodial platforms, in which KYC and AML procedures are not mandatory.

Earlier, representatives of the cryptocurrency exchange Binance said that they have not yet received official confirmation of the tightening of sanctions against the crypto assets of Russian citizens. Withdrawals from wallets are still available for customers from the Russian Federation.

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