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 an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
