US calls on crypto exchanges to counter sanctions circumventing Russia » Crypto Insiders

President Biden and his administration have appealed to US crypto exchanges to ensure that digital assets will not be used by Russia to evade harsh sanctions. There are fears that Russia will largely seize the crypto industry to overturn sanctions imposed on the country, much to the chagrin of Western governments.

Russian sanctions

According to an Bloomberg report that was published today, representatives of the US Department of the Treasury, with some urgency, have called on US crypto exchanges, such as we do in the Netherlands Battle are called upon to prevent sanction circumvention. The deputy prime minister of Ukraine has also made this appeal to crypto exchanges around the world.

Following the Russian invasion of Ukraine, Western countries have taken draconian measures to isolate Russia from the rest of the world and bring down the economy. It seems that these sanctions are having huge effects on the Russian economy.

The Russian ruble has completely collapsed and because a number of large Russian banks out of the SWIFT payment system have been thrown, it is no longer possible for many Russian companies and residents to send remittances to foreign companies.

Crypto as Circumvention

For that reason, Russia will try to grab the crypto industry. Due to the limitless nature of cryptocurrencies the crypto sector could enable Russian companies and individuals to operate without too much trouble to get out of the sanctions† Meanwhile, crypto trading activity in Russia has already surged.

Crypto exchanges of course have the power to put a stop to this, although according to many exchanges this will be at odds with what the crypto industry should stand for. The largest crypto exchange Binance has already announced that they will not serve individuals who are specifically targeted by Western sanctions. However, the average Russian citizen will simply be welcome at Binance.

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