A list of crypto exchanges, including global platforms, have not introduced new restrictions on Russian users after the EU’s most recent sanctions round, Russian crypto media reported. A number of services related to crypto were targeted by the latest European sanctions, which are meant to put more pressure on Russia in light of an increasing conflict in Ukraine.
Major Exchanges Continue to Work in Russia Following EU’s Ban on Crypto Services
The European Union adopted a wide range of sanctions last week, aiming to hit Russia’s government, economy, and trade harder. In addition to other restrictions, the 8th package of EU sanctions bans the provision or any custody, crypto account, wallet, or service services to Russian residents.
A few companies within the industry quickly responded and suspended Russian account operations. However, some crypto exchanges still haven’t met the European standards, as the RBC crypto page revealed.
Among them is Binance, the world’s largest digital asset exchange by daily trading volume, which has not made an official statement regarding the new sanctions and continues to operate as usual, according to its support service. In early April, Binance limited services for account balances exceeding €10,000 ($11,000 at the time), as required by the EU’s fifth round of restrictions, which affected only “high-value” crypto services.
Coinbase, the largest American crypto trading platform is also compliant with European crypto sanctions. Kraken (based in America) did not impose any restrictions on Russians at the beginning of spring and has not yet announced any changes to its existing EU measures.
Users from Russia have not been restricted by crypto-exchange FTX. This exchange is located on the islands of Antigua & Barbuda. The same applies to another platform that’s popular in Russia, Garantex, which continues to work with Russian traders.
Seychelles-registered Huobi Global, Okx, Kucoin, and Mexc Global have refrained from restricting Russian accounts in response to EU penalties, and Singapore-registered Bybit has told the publication it would not impose sanctions against Russians.
Exmo.me, the U.K.’s crypto exchange, was a leader in Eastern Europe, the former Soviet Union, and sold its Russian business in April to a local seller. The rights to Exmo.me branding and domain were also transferred to the vendor. Exmo.me still facilitates cryptocurrency trading in Russia as well its close partners Belarus and Kazakhstan.
It has been seen by Russians as a way to bypass financial sanctions while also exporting wealth. Moscow has begun to embrace the idea of legalizing cross-border cryptocurrency payments and officials there are working on regulations. According to a recent statement by the head of the parliamentary Financial Market Committee, Anatoly Aksakov, the EU’s decision to tighten the crypto restrictions could potentially stimulate the development of Russia’s own market for digital assets.
Is it your opinion that future Russian cryptocurrency users will be restricted by the exchanges discussed in the report? Comment below.
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