According To Chainalysis Co-Founder, Russians Are Not Flocking To Crypto To Evade Sanctions

Since the start of Russian’s invasion of Ukraine, the concept of imposing more sanctions on the country, and those in power circumventing them by using cryptocurrencies, has dominated public discourse.

Jonathan Levin, co-founder and Chief Strategy Officer of Chainalysis, spoke with Bloomberg Technology about the new tools to help cryptocurrency startups and financial institutions stay in compliance with sanctions.

The issue of how much evidence there is of Russians potentially utilizing cryptocurrency to avoid these restrictions was examined when it came to the role of intermediaries such as crypto exchanges and the requirement of cooperation with legislators and regulators.

In order to track those potentially looking to evade sanctions the the Chief Strategy Officer described the measures they have in place to monitor such cases: 

“We’re looking at all of the entry points and exit points from the Russian economy into cryptocurrencies and tracking sort of changes in liquidity changes in volumes different patterns of transactions to really understand there has there been a systemic change in the way in which people are using cryptocurrency in Russia and potentially evading sanctions.”

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