Huobi and KuCoin Continue to Allow Transactions with Debit Cards from Sanctioned Russian Banks

02/25/2023 13:36 • AI & Tech Insights • 77 views

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:

The digital asset data analysis company, Inca Digital, released a report on February 25 that sheds light on the operations of Huobi and KuCoin. According to the report, both digital asset exchanges allow the use of debit cards issued by sanctioned Russian banks such as Sberbank for encrypted transactions. This news has raised concerns about the effectiveness of sanctions imposed by the US and the EU on Russia, and the measures taken by cryptocurrency platforms to ensure compliance.

The issue of sanctions has been a major concern in recent years, with several countries adopting different measures to punish nations that violate international norms. Russia, for instance, has been sanctioned by the US and the EU over its annexation of Crimea, involvement in the conflict in Ukraine, and meddling in the 2016 US presidential election. These sanctions have restricted Russia’s ability to trade with the international community, and have led to a decline in its economy.

However, Inca Digital’s report suggests that some companies are finding ways to bypass these restrictions. Cryptocurrency exchanges, in particular, are seen as a way for sanctioned individuals and companies to move money across borders without being detected. This is because cryptocurrency transactions are decentralized and difficult to track, making them ideal for nefarious activities.

The fact that Huobi and KuCoin allow the use of debit cards from sanctioned Russian banks is therefore a significant development. It suggests that these exchanges are not doing enough to prevent illegal activity on their platforms, or that they are deliberately turning a blind eye. Either way, it undermines the efforts of the US and the EU to hold Russia accountable for its actions, and sets a dangerous precedent for other countries seeking to evade sanctions.

In conclusion, the report by Inca Digital highlights the challenges faced by regulators in the cryptocurrency space. It is essential for regulators to work closely with digital asset platforms to ensure compliance with sanctions and other regulations, and to hold accountable those that flout the rules. The issue of sanctions is not going away anytime soon, and it is imperative that companies and governments find ways to address this issue in a transparent and effective manner.

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