{"id":16734,"date":"2023-01-22T11:19:41","date_gmt":"2023-01-22T11:19:41","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/ukraines-financial-watchdog-reports-blocking-russian-crypto-exchanges-bitcoin-news\/"},"modified":"2023-01-22T11:19:41","modified_gmt":"2023-01-22T11:19:41","slug":"ukraines-financial-watchdog-reports-blocking-russian-crypto-exchanges-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/ukraines-financial-watchdog-reports-blocking-russian-crypto-exchanges-bitcoin-news\/","title":{"rendered":"Ukraine\u2019s Financial Watchdog Reports Blocking Russian Crypto Exchanges \u2013 Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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The financial monitoring agency of Ukraine has restricted access to a number of online crypto exchangers operating out of Russia. Some of the coin trading platforms are working with sanctioned Russian banks, the regulatory body announced in a report.<\/strong><\/p>\n

Ukrainian Financial Authorities Target Russian Crypto Exchange Websites and Wallets<\/h2>\n

The State Financial Monitoring Service (SFMS), a unit of Ukraine\u2019s financial intelligence, has issued a special report<\/a> on the results of its operations in 2022. Besides its peacetime activities such as combating money laundering, the agency revealed it has contributed to the country\u2019s defense effort as part of the ongoing conflict<\/a> with Russia.<\/p>\n

In the document published this week, the watchdog announced its employees have joined forces with colleagues from the Ministry of Digital Transformation and leading Ukrainian crypto experts. Together, they were able to identify Russian crypto exchanges associated with Russian financial institutions placed under sanctions, including Russia\u2019s largest bank, Sber<\/a>.<\/p>\n

The Ukrainian financial regulator did not specify the exact number of these platforms or their domain names but emphasized that the aim was to fully block them.<\/p>\n

Also, working closely with crypto service providers in Ukraine and abroad, the SFMS introduced a mechanism for the \u201cblocking of crypto wallets of the Russian Federation.\u201d It\u2019s unclear whether it means Russian wallets in general or those linked to the government in Moscow.<\/p>\n

The state service reminded that last year it turned to Binance, the world\u2019s largest crypto exchange, suggesting actions \u201cto curb the aggression of the Russian Federation in the virtual assets market\u201d and prevent peer-to-peer transactions for users of various Russian banks and payment systems.<\/p>\n

\u201cOther practical measures related to the blocking of Russian crypto assets and operations of Russian residents have been implemented,\u201d the agency added without elaborating. It has been cooperating with the financial authorities of almost 140 countries on the matter while severing ties with regulators in Russia and Belarus.<\/p>\n

Ukraine Engaged in Regional Initiative to Prevent Money Laundering Through Crypto<\/h2>\n

The SFMS also noted it\u2019s involved in cooperation between Ukraine, Georgia, and Moldova \u2014 countries with a steadily growing crypto market and mining sector \u2014 focused on reducing money laundering through digital assets. The project is being realized with assistance from the UN<\/a> and OSCE<\/a>.<\/p>\n

The report coincided with a statement by Ukraine\u2019s Minister of Digital Transformation, Mykhailo Fedorov, promising<\/a> that the country will become \u201cthe best crypto jurisdiction in the world\u201d once it finalizes its regulatory framework for the industry.<\/p>\n

In the past few years, Ukraine established itself as a leader in crypto adoption in Eastern Europe and has been accepting crypto donations<\/a> since the start of the Russian invasion. Its parliament passed<\/a> a law \u201cOn Virtual Assets\u201d last February and has been preparing respective amendments to the Tax Code.<\/p>\n

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\nTags in this story
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ACCESS<\/a>, agency<\/a>, Binance<\/a>, blocking<\/a>, conflict<\/a>, crypto exchange<\/a>, crypto exchanges<\/a>, crypto wallets<\/a>, Exchange<\/a>, Exchanges<\/a>, financial monitoring<\/a>, financial watchdog<\/a>, regulator<\/a>, report<\/a>, Russia<\/a>, russian<\/a>, Sanctions<\/a>, service<\/a>, SFMS<\/a>, Ukraine<\/a>, ukrainian<\/a>, Wallets<\/a>, War<\/a><\/div>\n<\/div>\n

What do you think about Ukraine blocking Russian crypto exchange platforms? Share your thoughts on the subject in the comments section below. <\/strong><\/em><\/p>\n

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\nLubomir Tassev <\/h6>\n

\nLubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens\u2019s quote: \u201cBeing a writer is what I am, rather than what I do.\u201d Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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