Ripple (XRP) CEO Brad Garlinghouse explained why Russia cannot use crypto to avoid sanctions in the ongoing war with Ukraine
Russia has received great reactions from the whole world since it invaded Ukraine. Particularly harsh economic sanctions came from western countries.
Russia’s blocking of SWIFT sparked rumors that the country could use crypto to circumvent sanctions. Garlinghouse thinks this is unlikely.
Making the statement on his Twitter account, Ripple CEO said that if crypto platforms circumvent a security measure regarding blacklisted people, they will risk losing their license.
Crypto exchanges, including know your customer (KYC) and anti-money laundering, according to Garlinghouse Strict measures are taken to prevent such incidents.
“RippleNET, for example, has always – and today – made a commitment not to work with sanctioned banks or restricted countries. Ripple and our customers support and enforce OFAC laws and KYC/AML”
The argument that crypto is used and preferred by criminals is outdated, Garlinghouse said.
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