Cryptocurrency Exchanges Allegedly Allowing Transactions with Sanctioned Russian Banks
On February 25, according to the report released by the digital asset data analysis company Inca Digital, Huobi and KuCoin still allow people to use debit card…
On February 25, according to the report released by the digital asset data analysis company Inca Digital, Huobi and KuCoin still allow people to use debit cards issued by sanctioned Russian banks such as Sberbank for encrypted transactions.
Bloomberg: Huobi and KuCoin are allowed to use debit cards issued by sanctioned banks in Russia for transactions
Interpretation of the news:
Cryptocurrency exchanges have always been in the news, particularly with regard to their security measures and their compliance with regulatory standards. In a recent development, two major cryptocurrency exchanges, Huobi and KuCoin, have allegedly been allowing customers to use a debit card issued by a sanctioned Russian bank, Sberbank, for encrypted transactions. According to a report released by Inca Digital, a digital asset data analysis company, these exchanges are providing a backdoor to sanctioned entities to continue business as usual.
This raises several questions. Firstly, is this a legitimate action by the exchanges, or are they knowingly flouting the rules? Secondly, what are the implications of such an act, both from a regulatory perspective and a security standpoint? Finally, what needs to be done to ensure that such lapses are not repeated in the future?
From a regulatory standpoint, this action is a clear violation of the sanctions imposed on Russia for reasons such as its annexation of Crimea and its interference in other countries’ democratic processes. Sberbank has been on the list of sanctioned entities since 2014, and the fact that exchanges are allowing transactions with such entities is not only illegal but also detrimental to the entire blockchain ecosystem. It sets a dangerous precedent and undermines the efforts of regulators to monitor and enforce compliance.
From a security standpoint, this move can open a lot of vulnerabilities for the exchanges, as such actions can be exploited by hackers to launder money, finance terrorism, or conduct other illegal activities. Exchanges need to ensure that they are upholding the highest standards of IT security and compliance to prevent such incidents from happening.
The onus is on the exchanges to be transparent and take responsibility for such lapses. They need to ensure that they have robust policies and procedures in place to prevent such actions from happening in the future. Regulators need to step in and impose stringent penalties for such behavior to send a message to the industry that such actions will not be tolerated.
In conclusion, the fact that two major cryptocurrency exchanges have allegedly allowed transactions with a sanctioned Russian bank is not only illegal but also reinforces the need for stricter regulatory measures and heightened security protocols within the industry. The implications of such actions can be severe, and it is imperative that the industry takes corrective measures to prevent such lapses in the future.
This article and pictures are from the Internet and do not represent Fpips's position. If you infringe, please contact us to delete:https://www.fpips.com/3335/
It is strongly recommended that you study, review, analyze and verify the content independently, use the relevant data and content carefully, and bear all risks arising therefrom.
Recommended articles
-
Introduction
According to reports, Coinbase CEO Brian Armstrong tweeted that a meeting was held today with Andrew Griffith, the UK Minister of Economy and City. The UK is accelerating the devel
-
What is the difference between bcc and btc (the difference between btc and btcb)
What is the difference between bcc and btc? What is the difference between bcc and btc? There is a significant difference between the two. 1、 The bifurcation of Bitcoin Cash cash causes its currency price to fall. Bitcoin ABC is a digital token developed based on Ethereum network, which was launched in 2017 According to the data of bitcoin ash website, Bitcoin Cash cash is one of the two most widely used digital currencies in the blockchain. But Bitcoin supports a completely different protocol. So they all have one thing in common: everyone has the same information. These two Cryptocurrency are signed by means of private key parity. If a person has a password or the funds in their wallet have been stolen, they will transfer their assets to another person. So they can trade and earn profits from it. But this situation will not occur on other exchanges. 2、 What are the characteristics of BTC? Bitcoin Cash was initiated…
-
Introduction
It is reported that Sakura Exchange Bitcoin Co., Ltd. (SEBC), the Japanese crypto exchange owned by Minoan, announced on the 28th that it plans to launch a new service, Binance JAP
-
Financing of Encryption Companies Increases in Recent Weeks
According to reports, the financing of encryption companies has increased this week, with approximately 11 companies raising a total of approximately $169 million. This number is s
-
BCB Group to Add Dollar Functions to Fill the SEN Loopholes
According to reports, Oliver von Landsberg-Sadie, CEO of BCB Group, said that the company was speeding up its plan to add dollar functions to help fill the loo…
-
The Rise of Bitcoin: Safe Haven Funds and Price Fluctuations
It is reported that the Nihon Keizai Shimbun disclosed that the inflow of safe haven funds pushed Bitcoin up sharply. With the return of speculative funds, the risk of sharp fluctu
-
Increasing Difficulty in the Bitcoin Network: A Reflection of Growing Demand and Use
It is reported that according to BTC.com data, the number of unconfirmed transactions across the Bitcoin network is 25392, the network computing power is 321.13 EH/s, the 24-hour transaction rate is 4.10 transactions/s, and the current network difficulty is 43.55 T. It is predicted that the next difficulty will increase by 4.71% to 45.60 T, and there are 9 days and 11 hours left before the adjustment. The number of unconfirmed transactions across the Bitcoin network is 25392 Analysis based on this information:The reported data from BTC.com reveals crucial information about the current state of the Bitcoin network. One of the most significant details in the report is the number of unconfirmed transactions, which currently stands at 25392. This figure indicates that a considerable number of users are making use of the Bitcoin network, and the demand for its services is ever-increasing. Furthermore, the network computing power is currently at 321.13 EH/s, which is a reflection of the number of…
-
Musk to Launch TruthGPT, an Artificial Intelligence Platform Seeking Truth
According to reports, Elon Musk told Fox anchor Tucker Carlson that he is developing a ChatGPT opponent called \”TruthGPT\”. Musk said that this Large Language Model (LLM) will be tr
-
ChatGPT is Set to Lead a New Industrial Revolution Driven by Artificial Intelligence
According to reports, Zhou Hongyi, the founder of 3600, said on Weibo that Bill Gates underestimated the emergence of ChatGPT. ChatGPT should lead a new indust…
-
Table of Contents
According to reports, Mike Novogratz, CEO of Galaxy Digital, told investors that he was shocked by the level of attention regulators have paid to cryptocurrencies rather than artif
-
Copper Crypto Hosting Company Lays Off Employees Amid a Challenging Crypto Industry
According to reports, Copper, a crypto hosting company, said that in the difficult market environment affecting the crypto industry, the company has streamlined its business and fa
-
ETH2’s Pledge Deposit Increases Significantly in the Past Week
On February 27th, the data on the chain showed that the current pledge deposit of the contract address of the beacon chain ETH2 exceeded 17157015 ETHs, an incr…
-
Stolen NFT: What it Means for the Blockchain Community
According to reports, PeckShield monitoring showed that # 9925 of NFT series “Checks-VV Edition” was stolen on OpenSea by the address beginning with 0xc729. Checks-VV Edition “# 9925 was stolen on OpenSea Analysis based on this information:The theft of NFT #9925 of the “Checks-VV Edition” series has once again brought to light the issue of blockchain security. According to reports, the NFT was stolen on OpenSea by an address beginning with 0xc729. This is not the first time that an NFT has been stolen, but it is a reminder that the blockchain is not immune to theft and vulnerability. NFTs or Non-Fungible Tokens are digital assets that are stored on a blockchain. They are unique and cannot be replicated, making them popular among collectors and investors. The theft of an NFT not only affects the owner but also raises questions about the security of the blockchain system as a whole. The theft of NFT #9925 highlights a weakness in the…
-
Ethereum Whales Continue to Influence Cryptocurrency Market with Large Transactions
On February 26, according to WhaleStats, the 50th Ethereum whale \”BlueWhale0237\” has just bought 4048 wstETHs, worth 7183412 dollars.
Ethereum whale \”B…
-
SBI Crypto sues Riot Blockchain for distorting facts and delays, resulting in millions of dollars in losses
According to reports, Bitcoin miner SBI Crypto Co. (SBIC) is suing Whitstone US, a Riot Blockchain data center located in Rockdale, Texas, for distorting facts in preparation for l
-
BTC’s last active supply has reached a historic high for over 10 years
According to reports, the last active supply of BTC has just reached 2704487.209 BTC for over 10 years, setting a new historical high.
BTC\’s last active supply has reached a histor