The USA Will Make Sure that Russia Can’t Circumvent Sanctions With Crypto

The US Treasury Department is monitoring compliance with the sanctions regime against Russia, including in the issue of their potential circumvention with the help of cryptocurrencies, Treasury Secretary Janet Yellen said in response to the concerns of a group of senators.

According to The Wall Street Journal, Yellen noted that many industry participants are subject to OFAC and AML rules.

The topic of restrictive measures against Russia because of the war in Ukraine was also touched upon by the head of the Fed. Jerome Powell, during a report on the state of the economy in the House of Representatives, noted the monitoring of compliance with sanctions by banks. In this context, the chairman also touched upon the topic of cryptocurrencies, stating that it is necessary to quickly build a regulatory framework to prevent the financing of terrorism with the help of cryptocurrencies.

New York State Governor Kathy Hochul announced measures to expand the NYDFS’s ability to identify links between crypto companies and sanctioned organizations. The department gave priority to the deployment of additional blockchain analytics tools to implement the initiative.

Earlier, several crypto exchanges imposed sanctions against Russia. However, representatives of Coinbase and Binance, in an interview with Decrypt, explained that at the moment they are ready to take this step only in relation to addresses that are on the OFAC list.

The BTC-Alpha team together with trusted volunteer communities created a charity fund ‘‘Alpha for Ukraine’. You can make a donation to help everyone in Ukraine who needs medicines, humanitarian aid and to support the defence of the country.

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