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The EU tightened «crypto-currency» sanctions

6 октября 2022

The EU authorities have introduced new restrictive measures against Russia, which may effectively deny Russians access to crypto wallets on major crypto exchanges.

The EU tightened «crypto-currency» sanctions The EU tightened «crypto-currency» sanctions

The EU authorities have introduced new restrictive measures against Russia, which may effectively deny Russians access to crypto wallets on major cryptocurrency exchanges such as Binance or Coinbase. At the same time, the purchase of cryptocurrencies, in particular, steablecoin USDT, was in recent months one of the popular ways to withdraw currency abroad.  

European Commission President Ursula von der Leyen said that the EU will propose a new «wide» ban on imports of Russian products, which will cost Moscow 7 billion euros (6.7 billion dollars), and will ban the sale of key technologies, That could benefit its armed forces.  

As part of a new package of sanctions, the EU intends to deprive Russians of access to crypto services. In particular, we are talking about the ban for European companies to provide crypto wallets, accounts or services for the storage of cryptocurrencies for citizens of Russia or organizations registered in the country, writes Bloomberg with reference to sources.

What threatens the new ban?

Following the withdrawal of Visa and Mastercard from the Russian market, the disconnection of some banks from SWIFT and problems related to international transfers due to the refusal of a number of large western correspondent banks to work with Russian counterparts, the purchase of cryptocurrencies, in particular USDT steablecoin (Tether cryptocurrencies, whose value is tied to the US dollar), has become one of the popular ways to withdraw currency abroad. On the peaks in March, trading volume in the ruble-USDT pair, according to The Block, exceeded 30 million in dollar equivalent, although before that it was mainly in the region of 5 million and lower. Russians have actively used crypto exchanges to transfer digital assets. 

Does BANKOFF cryptocurrency platform fall under EU sanctions?  

Our service BANKOFF.PRO is a modern cryptocurrency platform for cryptocurrency storage, transfer and exchange. This service operates on the territory of the Russian Federation and has a headquarters - a license in the United Arab Emirates, which means that BANKOFF.PRO service is subordinate to the jurisdiction of the UAE and continues to operate normally in the Russian Federation and other countries. 

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