The Financial Crimes Enforcement Network (FinCEN) has issued an advisory on Russian efforts to evade sanctions that includes a number of crypto-related red flags. However, the bureau admitted that it has not seen “widespread evasion” of its sanctions using cryptocurrency.
- via news.bitcoin.com
This has been a hot topic now, since crypto is decentralized - people thinks that Russia can escape their sanctions by using crypto.
More over, Binance already said that they will not freeze Russian wallets.
With all of the possibilities to use crypto in evading sanctions, A FinCEN regulator stressed that all financial institutions, including cryptocurrency exchanges, “should identify and report suspicious activity associated with potential sanctions evasion quickly and conduct appropriate, risk-based customer due diligence or enhanced due diligence where required.”
