UK regulators warned that crypto companies are not exempt from sanctions rules against Russia. In a statement that represents a first, the institutions said that they are ready to take action in case of violations of sanctions.
The Bank of England, the Treasury Department and the FCA have issued a joint statement on the sanctions and cryptoassets following the Russian invasion of Ukraine. The statement read:
“The UK financial regulatory authorities reiterate that all UK financial services firms, including the crypto-asset sector, are expected to play their part in ensuring compliance with sanctions… including through crypto-assets. We work closely with government and law enforcement partners, both here and abroad, including regulatory authorities to share intelligence and take action to avoid evasion of sanctions. We are also ready to take action in case of sanction violations.”
Similarly, the US also published a guide on Friday to prevent the use of crypto assets to breach sanctions.
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