Russian Cryptocurrency Exchanges Are Being Blocked By Ukraine’s Financial Watchdog

Key Points:

• The Ukrainian financial monitoring agency has banned access to a number of online Russian cryptocurrency exchanges.
• In a paper released this week, the watchdog identified Russian crypto exchanges linked to sanctioned Russian financial institutions, including Russia’s largest bank, Sber.

The Ukrainian financial monitoring agency has limited access to a number of online Russia cryptocurrency exchanges. The regulatory agency said in a report that some of the cryptocurrency trading platforms are cooperating with sanctioned Russian banks.

The Ukrainian financial monitoring agency has banned access to a number of Russian crypto exchanges. According to a report from the regulatory body, several cryptocurrency trading platforms are working with sanctioned Russian institutions. In addition to its peacetime operations, including as preventing money laundering, the agency stated that it has helped the country’s defense effort as part of the continuing struggle with Russia.

The State Financial Monitoring Service (SFMS), a branch of Ukraine’s financial intelligence, has released a special report on its operations in 2022. The watchdog revealed in a document issued this week that its personnel had joined forces with colleagues from the Ministry of Digital Transformation and renowned Ukrainian crypto logists. They were able to identify Russian crypto exchanges linked to sanctioned Russia financial institutions, including Russia’s largest bank, Sber.

The Ukrainian financial authority did not disclose the number of these platforms or their domain names, but stated that the goal was to completely shut them down. In addition, the SFMS developed a technique for “blocking Russian Federation crypto wallets” in collaboration with crypto service providers in Ukraine and overseas. It’s unclear if this refers to Russian wallets in general or those associated with the Moscow administration.

The state service recalled that last year it approached Binance, the world’s largest crypto exchange, proposing moves “to stop Russian Federation aggressiveness in the virtual assets market” and block peer-to-peer transactions for customers of different Russia banks and payment systems.

The news came as Ukraine’s Minister of Digital Transformation, Mykhailo Fedorov, promised that the nation will become “the finest crypto jurisdiction in the world” once its legislative framework for the industry was finalized. Ukraine has positioned itself as a pioneer in crypto acceptance in Eastern Europe in recent years, and has been receiving crypto donations since the beginning of the Russia invasion. Its parliament enacted a legislation “On Virtual Assets” in February and has been working on tax code revisions.

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