sanctions | ForkLog

ForkLog 10 26.09.2024

US Sanctions Target Bitcoin Exchange PM2BTC and Cryptex Platform

On September 26, OFAC added the cryptocurrency exchange PM2BTC, the Cryptex platform, and their alleged administrator, Russian citizen Sergey Ivanov, to its sanctions list. According to the agency, both services are linked to money laundering activities involving ransomware operators and other cybercriminals. The FinCEN determined that nearly half of the transactions processed by PM2BTC were […]

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ForkLog 7 26.09.2024

Binance Continues Limited Service for Russian Users

A year after announcing a complete withdrawal from Russia, the cryptocurrency exchange Binance continues to serve a “limited number of existing Russian users.” This was reported by Cointelegraph, citing a statement from a representative of the trading platform. According to the representative, Binance “adheres to global sanctions regulations” and “fully complies with restrictions on individuals, […]

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ForkLog 13 06.09.2024

Chainalysis: Russia’s Crypto Laws Aimed at Sanctions Evasion

In a new report, analysts at Chainalysis highlighted the adoption of “significant” laws in Russia that legalise mining and the use of cryptocurrencies for international payments. The company noted that the new direction represents a “significant departure” from the government’s previous stance, when in 2022 the Central Bank of Russia advocated for a complete ban […]

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ForkLog 8 05.09.2024

Kyiv Residents Suspected of Illegal Cryptocurrency Exchange

The Kyiv City Prosecutor’s Office announced suspicions against two organizers of an online cryptocurrency exchange operating with payment systems unregistered in Ukraine. According to the investigation, the 23-year-old individuals have been exchanging hryvnia for various cryptocurrencies and electronic money from sanctioned services since 2024, including those located in Russia. The transactions were conducted using bank […]

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ForkLog 13 27.08.2024

Ukraine’s Central Bank Sets Limits on P2P Transactions

Starting October 1, the National Bank of Ukraine will impose restrictions on outgoing P2P transfers between individuals for a six-month period. The limit is set at 150,000 hryvnias per month and applies to all accounts held by a client within a single bank. The restrictions do not apply to volunteers meeting the regulator’s criteria or […]

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ForkLog 10 13.08.2024

Ukraine’s P2P Transaction Limits Threaten Crypto Market, Say Experts

Ukraine’s National Bank aims to finalise a draft decision on limiting the number of P2P transactions for individuals by the end of the week. This was stated by the head of the regulator, Andriy Pyshny, in an interview with Ekonomichna Pravda. The document will introduce limits on card-to-card transfers between individuals. It is expected that […]

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ForkLog 24 09.08.2024

OKX Faces Compliance Challenges in Russia Amid Regulatory Pressures

Star Xu, CEO of the cryptocurrency exchange OKX, is wary of following in the footsteps of former Binance chief Changpeng Zhao, making strict compliance a priority for the platform. This was stated by Blum co-founder Gleb Kostarev. Citing reliable sources within OKX, he noted that a large team is dedicated to compliance issues. Despite the […]

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ForkLog 15 09.08.2024

OKX Denies Targeted Account Restrictions for CIS Clients

On August 8, the author of the Telegram channel “Tears of Satoshi,” Rafael Manvelyan, claimed that his account on the cryptocurrency exchange OKX was blocked, attributing this to a sudden policy shift by the platform towards users from the CIS. In response, the company’s CEO, Star Xu, cited client violations. According to Manvelyan, he had […]

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ForkLog 8 30.07.2024

Russia’s Central Bank Sets Date for Cryptocurrency Experiments

30 July 2024 | 17:17Update: On 30 July, the Russian State Duma passed a bill in its second and third readings establishing an experimental legal regime (ELR) that permits the use of cryptocurrencies in foreign trade. This was announced by Deputy Anton Gorelkin. From 1 September, the document grants the Bank of Russia the authority […]

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ForkLog 12 25.07.2024

Russia Turns to Cryptocurrencies for Cross-Border Payment Solutions

Russian companies are increasingly encountering difficulties in international transactions due to the threat of secondary sanctions against their counterparts. Against this backdrop, cryptocurrencies and payments through intermediaries are gaining popularity, writes Bloomberg. The most significant challenge for Russia involves dealings with China, whose trade with Russia reached a record $240 billion in 2023. In many […]

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ForkLog 8 11.07.2024

BitOK Experts Elucidate €9.3 Million Fine Imposed on Payeer

BitOK has delved into the reasons behind the Lithuanian regulator’s record fine of nearly €9.3 million on the payment service Payeer and shared its findings with ForkLog. The Financial Crime Investigation Service (FNTT) under the Ministry of the Interior cited serious and deliberate violations by the platform of international sanctions and the Law on the […]

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ForkLog 16 10.07.2024

Lithuanian Regulator Fines Crypto Platform Payeer Nearly €9.3 Million

The Lithuanian Financial Crime Investigation Service (FNTT) has imposed a record fine of €8.23 million on the crypto processing platform Payeer for failing to comply with international sanctions. Additionally, the company will pay €1.06 million for violating the Law on the Prevention of Money Laundering and Terrorist Financing (PPTFPĮ). Operating as a virtual asset service […]

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