Altcoins Talks - Cryptocurrency Forum
Learning & News => News related to Crypto => Topic started by: Markuri33 on September 05, 2022, 11:00:26 AM
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Crypto exchanges are now required to report and freeze accounts suspected of evading Russian sanctions or potentially face criminal charges.The United Kingdom Office of Financial Sanctions Implementation (OFSI) of Her Majesty’s Treasury ruled that cryptocurrency exchanges must report any suspected cryptocurrencies that may be used to evade Russian sanctions.
In an August announcement, the OFSI stated that exchanges must report the suspected breach to the agency and freeze the assets or face criminal charges or financial penalties.The UK Financial Conduct Authority (FCA) also said in March that financial firms and crypto exchanges “are expected to play their part in ensuring that sanctions are complied with,” while giving strict guidelines on how to best ensure that sanctions against Russia are upheld.
The first round of sanctions against Russia was announced on February 24 after Russia began its invasion of Ukraine.more (https://decrypt.co/108959/uk-agency-warns-crypto-exchanges-report-any-sanctions-breaches)