Subscribe To Our Newsletter

    Get the latest crypto news right into your email box. No spamming. We hate it too. Only pertinent news you need to know

    Latest News

    Coinbase Fixing Problem That Halted Payments From US Banks

    October 9, 2022

    Binance May Spend Over $1 Billion This Year on Deals, CZ Says

    October 9, 2022

    Crypto Real Estate Is Here – Bitcoin Mortgages Are Just The Beginning

    May 1, 2022
    Facebook Twitter Pinterest LinkedIn
    RareHippo – Crypto, Bitcoin, Blockchain News & Views
    Facebook Twitter Pinterest LinkedIn
    • Home
    • Bitcoin
    • NewsWire
      1. Latest News
      2. Top Stories
      3. Features
      4. What’s Hot
      5. Must Read
      6. Trending
      7. Spotlight
      8. Editors’ Picks
      9. View All

      Coinbase Fixing Problem That Halted Payments From US Banks

      October 9, 2022

      Binance May Spend Over $1 Billion This Year on Deals, CZ Says

      October 9, 2022

      El Salvador’s Companies Barely Bother With Bitcoin

      March 19, 2022

      New Jersey legislation aims to prevent public officials from being gifted NFTs

      March 18, 2022

      Coinbase Fixing Problem That Halted Payments From US Banks

      October 9, 2022

      Crypto Real Estate Is Here – Bitcoin Mortgages Are Just The Beginning

      May 1, 2022

      Crypto’s Preferred Currency for Political Donations Isn’t Bitcoin. It’s Dollars

      March 19, 2022

      Meta Sued by Australian Watchdog Over Scam Crypto Advertisements

      March 18, 2022

      Binance May Spend Over $1 Billion This Year on Deals, CZ Says

      October 9, 2022

      Two Senators propose crypto legislation for tax exemption on capital gains

      May 1, 2022

      Wall Street Reluctantly Embraces Crypto

      May 1, 2022

      Warren bill draws outcry over broad terms, but seems unlikely to pass

      March 20, 2022

      Crypto Real Estate Is Here – Bitcoin Mortgages Are Just The Beginning

      May 1, 2022

      Russia-Ukraine War Is Bringing Out the Good, Bad, & Ugly of Cryptocurrencies

      March 18, 2022

      The ‘world’s most advanced’ digital human wants you to buy her NFT art

      March 15, 2022

      FTX crypto exchange wins license in Dubai to open regional headquarters

      March 15, 2022

      Crypto Startup Founded by Ex-Meta Employees Raises $200 Million

      March 16, 2022

      U.K. Crime Agency Wants to Regulate Crypto Transaction Mixers

      March 15, 2022

      A Wall Street Quant Turns His Crypto Firm Into a Unicorn

      March 14, 2022

      Standard Chartered’s crypto custodian to help clients earn yield on token holdings

      March 14, 2022

      Man passing as UN affiliate convicted for crypto scheme

      March 18, 2022

      The Future of Crypto Is Boring — and Bright

      March 15, 2022

      Investors turn to crypto funds, companies as Russia-Ukraine crisis escalates

      March 15, 2022

      Binance Wins Crypto Licenses From Dubai, Bahrain

      March 15, 2022

      Why Bitcoin’s Environmental Problems Are So Hard to Fix

      March 16, 2022

      Americans Want Crypto From Their Banks

      March 15, 2022

      Why Decentralized Exchanges Are Important in the Crypto Economy

      March 10, 2022

      Binance plots M&A spree as regulators scrutinize crypto trading unit

      March 10, 2022

      Amid New Executive Order, White House Director Sheds Light On Crypto Policy

      March 16, 2022

      Bitcoin Evangelist Saylor Tells Economists Why They’re Wrong

      March 15, 2022

      Crypto Mania in Texas Risks New Costs and Strains on Shaky Grid

      March 15, 2022

      Bitcoin’s scared of commitment, Mr. Biden

      March 15, 2022

      Coinbase Fixing Problem That Halted Payments From US Banks

      October 9, 2022

      Binance May Spend Over $1 Billion This Year on Deals, CZ Says

      October 9, 2022

      Crypto Real Estate Is Here – Bitcoin Mortgages Are Just The Beginning

      May 1, 2022

      Two Senators propose crypto legislation for tax exemption on capital gains

      May 1, 2022
    • Altcoins
      • Ethereum
      • XRP-Ripple
      • Solana
      • Dogecoin
      • Cardano
      • Shiba Inu
    • Topics
      • Cryptocurrencies
      • Investments
      • Markets
      • NFTs
      • DeFi
      • ETFs
      • DAOs
      • Crypto Regulation
      • Metaverse
      • Blockchain & Web3
      • Blockchain Gaming
      • Crypto Exchanges
      • Crypto Mining
      • Stablecoins
      • Cybersecurity
      • Digital Currencies – CBDC
      • Crypto Book Reviews
      • Technology
      • Internet of Things
    • Opinions
    • Explainers
    • Press Releases

      Former Uber LatAm Head of Policy Leads Crypto Ride-Hailer Drife Toward Planned Global Expansion

      March 7, 2022

      European index provider for crypto assets Vinter raises $3.4m funding

      February 22, 2022

      PR – British crypto processor brings in $60 million for expansion in Europe

      January 25, 2022

      PR – CoinMENA obtains 2nd crypt0 license from European Union

      January 25, 2022

      NFT investment specialist looks to acquire Pluto Digital for £96m

      January 24, 2022
    RareHippo – Crypto, Bitcoin, Blockchain News & Views
    Home»Crypto Exchanges»Crypto exchange executives respond to sanction ‘misinformation’
    Crypto Exchanges

    Crypto exchange executives respond to sanction ‘misinformation’

    By Frank Chaparro
    March 6, 2022By The Block3 Mins ReadNo Comments
    Facebook Twitter LinkedIn Pinterest Reddit WhatsApp Email Tumblr VKontakte Telegram
    Share
    Facebook Twitter Pinterest Reddit WhatsApp Email LinkedIn Tumblr Telegram

    “So much misinformation out there.” That’s one crypto exchange executive, speaking in a message to The Block, amid a heightened focus on cryptocurrencies in the context of Russian economic sanctions amid the invasion of Ukraine. 

    “There’s this general elision of ‘not blocking sanction individuals’ with ‘not blocking every Russian citizen,'” the exec continued.

    Donate to RareHippo Now!

    Crypto exchanges are required by the Office of Foreign Assets Control to blacklist certain Russian individuals and entities that include a group of known oligarchs. But they haven’t gone as far as completely shutting off all Russian clients, which experts say is not a requirement but has become a popular move by some companies amid the ongoing invasion of Ukraine but Russia’s military. 

    In recent days, companies ranging from Revolut to PayPal to Google have shut off Russian users.

    The resistance among crypto exchanges speaks to the underpinning ethos of the crypto space: advocacy for open financial system access. The approach has also inspired headlines such as “Russia’s hidden tool to undermine sanctions,” which Politico penned in part to refer to offshore crypto exchanges that don’t check for identities.

    The push also carries significant political contours. A senior Ukrainian government official called on crypto exchanges to block Russian users, while Hillary Clinton shamed them on MSNBC for subscribing to “some, I don’t know, philosophy of libertarianism or whatever.”

    In a tweet thread Friday, Coinbase chief executive officer Brian Armstrong said that the firm “believes everyone deserves access to basic financial services unless the law says otherwise.”

    While crypto exchanges might be bucking the popular trend of cutting off access to Russians, that does not mean they are not complying with the sanction guidelines, according to Caroline Brown, a partner with Crowell & Morning. The DC-based partner previously held positions with the US Department of Justice and the Treasury Department. 

    “While the U.S. has placed geographic-related sanctions on the two separatist regions in Ukraine, there’s not yet a full embargo in place on Russia,” Brown said in a phone call with The Block, adding:

    “A lot of cryptocurrency exchanges have in place robust compliance programs, which, if they’re operating efficiently, should help identify transactions involving wallets of sanctioned entities and contribute to the effort to thwart the use of digital assets to evade sanction.”

    A Friday blog post by FTX outlined the approach exchange operators take to identify sanctioned individuals and block them from access.

    For example, exchanges monitor the source of wire transfers to their platform to ensure they are not tied to individuals or entities black-listed via OFAC’s Specially Designated Nationals and Blocked Person’s List. 

    Here’s FTX:

    “Exchanges that can accept wire transfers as sources of fiat deposits know the identity of the source financial institution, and can therefore detect whether the currency is coming from, for example, a sanctions-listed Russian bank, a  blacklisted source, or some other problematic funds source. This provides one simple and effective way of blocking a significant amount of direct activity from sanctioned institutions.”

    In instances where sanctioned individuals might try to move crypto through an exchange like FTX, on-chain analytics could be used for “identifying cryptocurrency transfers that originated from any known illicit or sanctioned source.

    “Further, heuristics can help identify the geographic origin of crypto transfers, and powerful machine learning algorithms spot patterns in transaction histories and other wallet interactions that would indicate increased risk,” the FTX blog noted. 

    Read full story on The Block

    Crypto Exchanges
    Previous ArticleU.S. Virginia Senate unanimously passes historic crypto banking bill
    Next Article The Newest Crypto Side-Hustle: ‘Discord Grinding’

    Related Posts

    Coinbase Fixing Problem That Halted Payments From US Banks

    October 9, 20221 Min Read

    Binance May Spend Over $1 Billion This Year on Deals, CZ Says

    October 9, 20223 Mins Read

    Crypto Real Estate Is Here – Bitcoin Mortgages Are Just The Beginning

    May 1, 20224 Mins Read

    Two Senators propose crypto legislation for tax exemption on capital gains

    May 1, 20225 Mins Read

    Wall Street Reluctantly Embraces Crypto

    May 1, 20225 Mins Read

    Warren bill draws outcry over broad terms, but seems unlikely to pass

    March 20, 20225 Mins Read
    Add A Comment

    Leave A Reply Cancel Reply

    Donate to RareHippo Now!
    Latest News

    Coinbase Fixing Problem That Halted Payments From US Banks

    October 9, 2022

    Binance May Spend Over $1 Billion This Year on Deals, CZ Says

    October 9, 2022

    Crypto Real Estate Is Here – Bitcoin Mortgages Are Just The Beginning

    May 1, 2022

    Two Senators propose crypto legislation for tax exemption on capital gains

    May 1, 2022

    Wall Street Reluctantly Embraces Crypto

    May 1, 2022
    Follow US & Win Prizes
    • Facebook
    • Twitter
    • LinkedIn
    • Pinterest
    Don't Miss
    Crypto Regulation

    China Vows to Continue Strict Crackdown on Crypto Speculation

    March 4, 20222 Mins Read

    China reiterated it would continue its crackdown on crypto speculation in a call conference, according to a…

    USDC’s supply on Ethereum surpasses that of rival USDT’s for the first time

    January 14, 2022

    Could Legacy Brand RadioShack Redefine Itself Through… DeFi?

    December 19, 2021

    Crypto Experts Say No Evidence of Major Russia Sanctions Dodging

    March 18, 2022

    Subscribe to Our Newsletter

    Get the latest crypto news right into your email box. No spamming. We hate it too. Only pertinent news you need to know

    Crypto news & Views
    Facebook Twitter Pinterest LinkedIn
    • Home
    • Privacy Policy
    • About Us
    • Donate to RareHippo
    • Get In Touch
    • NewsWire
    © 2023 RareHippo. Powered by 8 Dimensions

    The content of this website is for informational purposes only and is not intended as a substitute for investment or financial advice.

    Type above and press Enter to search. Press Esc to cancel.