After Russian President Vladimir Putin publicly demonstrated the Russian military to attack Ukraine on February 24, the United States began to take new steps to limit Russia’s power. The latest sanctions were announced to limit the use of banks by the Russian elite and the US dollar.

As a consequence, these sanctions paved the way for the privileged Russian people using digital currency even more. according to her report Bloomberg, the rich can use cryptocurrencies for everyday use and escape without financial institutions knowing or tracking them.

“As of today, nothing concrete has been announced that affects cryptocurrencies,” said a representative from exchange Binance and lawyer in Russia, Maria Agranovskaya. “The UK introduced certain restrictions for Russian citizen banks, but those are not really related to cryptocurrencies. Maybe it will affect cryptocurrencies at some point, but not yet.”

That exchange Most Popular hired a former Bank of Russia executive as director of Russian government relations. Especially, Binance has more than 740 crypto trading pairs in Russia.

“We have established a dedicated global compliance task force, including world-renowned sanctions experts, and are taking the necessary steps to fully comply with any sanctions while minimizing the impact on our user base,” Binance told Bloomberg.

It is said that other crypto platforms called Gemini Trust Co. comply with sanctions United States and does not operate in Russia and Ukraine. “However, we are conducting a robust review of accounts and activity from clients to identify exposures to sanctioned parties or territories and we will take appropriate action if necessary,” Gemini Trust said.

According to J. Ashley Ebersole, partner at law firm, cryptocurrency platform registered with state authorities such as the Securities and Exchange Commission (SECOND) and the Financial Crimes Enforcement Network, and providing money transaction services, must comply boycott from the United States.

“I think it really depends on the laws of the countries they’re subject to,” Ebersole told Bloomberg. “If there is a jurisdictional basis for them to comply with the laws of a sanctioned country, then they are expected to comply.”

“We don’t have very specific forecasts on how that will affect the crypto economy at this time,” said Coinbase CFO Alesia Haas. “This is not a material part of our business and will have no impact on our finances.”

There’s still a catch Unlike exchange centralized (CEX) that requires certain personal information of customers, exchange decentralized (DEX) only requires a wallet without identity verification. However, according to FinCENall money transaction providers and networks peer-to-peer (P2Ps) must comply with international sanctions because they comply with the Bank Secrecy Act, Ebersole said.

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