Cryptocurrency exchanges are now requested to report suspected sanctions breaches to UK authorities under new rules recently introduced amid concerns that cryptos are being used to evade restrictions imposed in response to Russia’s invasion of Ukraine.
The Guardian media reported the matter on Sunday., citing the updated official guidance of HM Treasury’s Office of Financial Sanctions Implementation (OFSI) on August 30. The regulator explicitly included cryptocurrencies and other valuable digital assets like non-fungible tokens (NFTs) among those that must be frozen if sanctions are imposed on an individual or a company.
The rules set by the regulator now mean that crypto exchanges commit a criminal offence if they fail to report customers designated for sanctions.
Under the latest regulation, crypto exchanges must immediately act if they suspect that one of their clients is under sanctions or if they suspect a breach of sanctions.
The new policy has given such exchanges obligations...
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