{"id":472569,"date":"2022-03-28T06:13:01","date_gmt":"2022-03-28T06:13:01","guid":{"rendered":"http:\/\/yorunoteiou.com\/?p=472569"},"modified":"2022-03-28T06:13:01","modified_gmt":"2022-03-28T06:13:01","slug":"cryptocurrency-under-greater-scrutiny-in-the-face-of-ukraine-war","status":"publish","type":"post","link":"http:\/\/yorunoteiou.com\/?p=472569","title":{"rendered":"Cryptocurrency under greater scrutiny in the face of Ukraine war"},"content":{"rendered":"

Cryptocurrencies are facing mounting scrutiny from global financial regulators, over concerns digital assets could be\u00a0used to evade Western sanctions on Russia.<\/span><\/p>\n

Unlike mainstream payment companies, most crypto exchanges have rejected calls to cut off all Russian users, including\u00a0Binance and Kraken, raising concerns that crypto could be used as a way to circumvent sanctions.<\/span>\u00a0<\/p>\n

However, the founder of cryptocurrency exchange FTX which was recently valued at $32 billion, has slammed peers for reacting in such a way warning it could have negative repercussions for the sector.\u00a0<\/p>\n

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Cryptocurrency is facing mounting scrutiny from global financial regulators, over concerns digital assets could be used to evade Western sanctions on Russia in the midst of its attack on Ukraine<\/p>\n<\/div>\n

Thirty-year-old crypto billionaire\u00a0Sam Bankman-Fried said:\u00a0‘I’m very frustrated with the messaging that our industry has had on this.\u00a0<\/p>\n

‘I think it has not been helpful.I think it has been basically anti-regulatory, is how it’s been perceived, and I think that’s how it sounds, \ud06c\ub9ac\uc5d0\uc774\ud2f0\ube0c \uc5f0\uad6c\uc18c and I think that has caused a pretty big perception issue.’<\/p>\n

Bahamas-based FTX immediately cut off support to all sanctioned parties and severed access to all Russian banks, even those that are not sanctioned, so the exchange could not be used as a gateway between Russia and the rest of the world.<\/p>\n

FTX still allows non-sanctioned Russian users to trade, with anti-money laundering checks, and is in communication with the US Treasury about what it is doing in Russia.\u00a0\u00a0<\/p>\n

In America, Democratic US senators introduced a bill last Thursday that would enable the government to sanction foreign cryptocurrency firms doing business with sanctioned Russian entities and prevent them from transacting with US customers.\u00a0<\/p>\n

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