UK treats crypto network like a sanctioned bank after claims it processed $90B for Russia
CryptoSlate2h agoUpdated 1h ago
Smart Read
Western governments spent three years building what they believed was an airtight financial blockade around Russia, severing its banks from SWIFT, freezing sovereign reserves, and barring major institutions from clearing dollar transactions. And according to British authorities, Russia may have spent much of that same period engineering an alternative financ...
Key takeaways
- 1UK authorities treated a crypto network as a sanctioned entity after it allegedly processed $90 billion in Russian transactions.
- 2Western governments imposed SWIFT restrictions and asset freezes on Russia, but Russia may have used crypto networks as financial alternatives.
- 3Regulatory agencies now monitor crypto platforms with same scrutiny as sanctioned banks to prevent sanctions evasion.
Why it matters
This signals intensifying crypto regulation in India and globally—regulators will likely enforce stricter KYC/AML rules on exchanges to prevent sanctions violations. Indian crypto investors face heightened compliance requirements and potential regulatory crackdowns on platforms facilitating restricted transactions.
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