The UK has warned cryptocurrency exchanges to report any sanctions violations.
The UK has warned exchanges about the actions of users who could evade sanctions.
UK to Sanction Crypto Suspects
The UK has warned crypto exchanges to freeze and cancel accounts suspected of evading Russian sanctions or potentially facing criminal charges.
The UK Financial Sanctions Enforcement Office (OFSI) has decided that cryptocurrency exchanges must report any suspicious cryptocurrency that could be used to evade Russian sanctions.
In an announcement, OFSI asked exchanges to report the suspected breach to the agency and freeze assets. He stated that he could face criminal offenses or financial penalties otherwise.
The Sanctions Office added that any other means of payment and assets used to obtain funds, goods or services, including cryptocurrencies, would be considered a sanction violation if used for such a purpose.
The UK Financial Conduct Authority (FCA) also said that financial firms and crypto exchanges are expected to play an exemplary role in ensuring sanctions are complied with.
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