After economic sanctions against Russia were announced due to the war with Ukraine, it was reported this Monday that some of the largest cryptocurrency trading platforms are in the process of collaborating with the United States government with the aim that in Russia is not so easy to use cryptocurrencies and thereby evade restrictions imposed.
A CNBC special cites that the amount of cryptocurrencies that have been transacted since the beginning of the Russian invasion of Ukraine amounts to more than 10 million dollars.
The US Treasury Department preferred to omit comment on the matter. Coinbase, one of the world’s leading digital currency exchanges, confirmed that they have carried out transaction blocks to addresses that have been identified as part of the Russian government.
For its part, Binance, another of the best-known pages on the subject of cryptocurrencies, assured “not being in the blocking phase” to Russian users, reporting that they have identified digital wallets that would allegedly be related to subjects who have received sanctions imposed by NATO. . FTX is also exercising similar measures.
All this information circulates just a few days after Coin Telegraph, a specialized blockchain medium, reported that Joe Biden’s intentions in the White House are to study different aspects of the digital space with the aim of creating a regulatory framework for digital currencies. However, talking about crypto in the US government is not something new, in 2015 during Barack Obama’s mandate authorization was given for the authorities to confiscate digital goods that were connected to possible crimes, in addition to the fact that at the time, Donald Trump condemned the use of the Venezuelan cryptocurrency, Petro.
According to financial experts, the fact that the main cryptocurrency exchange platforms are joining together to “paralyze” Russia’s finances, coupled with the fact that some banks in that country are already banned from the SWIFT system, has caused dozens of Russian people with money seek to get their money out of the country.