Top Crypto Exchanges Accused of Allowing Sanctioned Russian Banks to Use Their Networks
Blockchain analytics firm Inca Digital has reported that two popular crypto exchanges, Huobi and KuCoin, are being criticized for not adhering to the sanctions placed on Russia following its invasion of Ukraine.
Inca Digital stated that the exchanges did not take measures to prevent sanctioned Russian banks from using their respective peer-to-peer networks, with Tether frequently being used in these transactions.
Inca Digital CEO Adam Zarazinski warned that this might be a breach of US and European restrictions.
Binance was also mentioned in the report for allegedly offering Russian users “various means” to purchase cryptocurrencies on its exchange.
However, Binance has refuted the claims and asserts that it strictly enforces know-your-customer laws.
READ MORE: Global Crash Incoming – What Could This Mean for Crypto? – Arthur Hayes
The report also disclosed that ByBit allows users to convert Russian rubles into cryptocurrencies via its peer-to-peer market and fiat deposits.
The Know Your Customer rule mandates that businesses confirm the identities of their customers to stop illegal activities, including money laundering and terrorism funding.
Alexander Stefanov
Reporter at CoinsPress
Alex is Editor-in-Chief of Coinspress and co-founder of Millennial Media Group, with nearly a decade of experience covering financial markets - crypto first, then everything else. It started in 2016 with Bitcoin. Like most people at the time, he didn't fully understand it - so he kept digging. Blockchain, tokenomics, the projects, the cycles. That curiosity never stopped, and eventually pulled him into traditional markets too: equities, commodities, macro. Not because he left crypto behind, but because you can't properly understand one without the other. What drives him is straightforward: he wants to know why something is happening, not just that it's happening. Most market coverage stops at the headline - price up, price down, here's a chart. Alex finds that kind of reporting actively unhelpful. If you walk away from an article without understanding the mechanism behind the move, what did you actually learn? He holds a degree in Tourism from New Bulgarian University - not the most obvious path into financial markets, but markets have a way of pulling in people who are simply too curious to stay out. He has authored over 200 in-depth analyses and more than 10,000 articles across crypto and traditional finance. He still thinks every day in markets teaches him something new. That's probably why he hasn't stopped.
