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EU crypto sanctions against Russia have an unexpected Enforcer

Singapore’s central bank has ordered cryptocurrency exchanges to follow international crypto sanctions against Russia according to Coin Telegraph.

photography of singapore crypto ban
Photo by Jeda Hutchison on

Singapore’s central bank and financial regulator, the Monetary Authority of Singapore (MAS), recently issued a reminder to all licensed cryptocurrency exchanges operating within the country to ensure they are in line with international financial sanctions imposed against Russia, including crypto sanctions.

Research had shown that pro-Russia groups had raised millions of dollars in cryptocurrency to fund their efforts to support the ongoing conflict in Ukraine and increased sanctions from global financial authorities, prompting the statement.

By making this decision, Singapore is joining the ranks of the countries that have joined the European Union in imposing sanctions against Russia. Russia-EU cryptocurrency transactions were initially capped at around $10,000 due to sanctions.

However, new regulations enacted in early October tightened restrictions even further, prohibiting “any wallet, account, or custody services for crypto-assets, regardless of the wallet’s size.”

To coincide with the European Union’s initial round of sanctions, MAS implemented restrictions on Russian banks and other entities, including a ban on fundraising for initiatives that could benefit the Russian government.

Related: What new EU sanctions mean for crypto exchanges and their Russian clients

Ever since the conflict began, cryptocurrency exchanges and related platforms have been conforming to sanctions against Russia.

This past month, Kraken, a popular cryptocurrency exchange, stopped serving users in Russia and restricted any accounts that could be traced back to the country. Dapper Labs did the same thing with their Russian user base. Non-fungible tokens (NFTs) could no longer be traded, purchased, or gifted between accounts with a Russian connection, and withdrawals were frozen as a result.

Binance is working hard to comply with EU measures while still providing the best service possible, according to Chagri Poyraz, global head of sanctions, who recently spoke with Cointelegraph.

Many Russian internet users are moving to nearby countries like Kazakhstan in order to keep accessing the services they were accustomed to using in their home country.

Original News on Coin Telegraph

Disclaimer: This opinion is not meant to be taken as financial guidance and is presented merely for educational purposes. Crypted Crypto cannot guarantee that it accurately represents the views of the publication. You should always do your own research before making any financial decisions, as every investment and every trade carries some degree of risk. If you cannot afford to lose the money you invest, then you should not invest it.

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