Finance giant SBI Holding has said it will halt crypto activities in Russia and possible US sanctions will add to the confusion in the region.
SBI Holdings suspended mining in Siberia shortly after the war between Ukraine and Russia began. This contributed to a preliminary tax filing for the company’s crypto-asset business. The company stated that while the Russian invasion of Ukraine created uncertainty over mining activities in Siberia, the negative mood in the crypto global market made mining less profitable.
It is unclear when SBI Holding will withdraw from Russia
Hideyuki Katsuchi, the company’s chief financial officer, announced plans to sell machines and withdraw due to crypto’s negative mood in the global market. A spokesperson for the company said that SBI has not yet decided when it will complete the withdrawal from Siberia.
In April, the US Treasury Department imposed sanctions on Swiss-based crypto mining company BitRiver, targeting one of the industry’s largest data center service providers over its operations in Russia. After the uncertain environment created by the sanctions, SBI Holding has decided to terminate its crypto activities in Russia.
The company will not have any other crypto businesses in Russia, but SBI Bank LLC, the Moscow-based commercial banking unit, is planned to continue operating.
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