The two largest crypto-exchanges in the world refused to stop working with Russian banks

The two largest crypto exchanges in the world did not take any action against Russian banks that fell under Western sanctions. They could have banned the use of their platforms by these organizations, but they did not, the Politico newspaper writes.

With reference to the report of the analytical company Inca Digital, the publication notes that the Huobi and KuCoin crypto exchanges located in the Seychelles still allow transactions with cards of “disgraced” Russian banks, although they do not directly accept funds from these financial institutions. Inca CEO Adam Zarazinski said the loophole was in direct violation of U.S. and European sanctions.

The report indicates that two other firms have the same policy, including Binance. There, Russians are offered many options for converting money into virtual currency, the newspaper writes. Citizens of the Russian Federation can use credit or debit cards, accounts. And the Singaporean exchange ByBit allows you to convert Russian rubles into cryptocurrency.

“Many of these exchanges have officially shut down their operations in Russia due to the sanctions. They said they are blocking users from Russia and not allowing them to open new accounts”— experts from Inca specify.

At the same time, the report says, these crypto exchanges continue to work with Russian citizens. And this, as the newspaper notes, indicates once again that all attempts by Washington to completely financially isolate the Russians “still limited.”

Earlier, Life wrote that the US Treasury imposed sanctions against 22 individuals and 83 legal entities from Russia. Restrictions also affected some Russian banks. The US department believes that these actions will further “isolate Russia from the international economy”


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