Russia
Binance pushes back against report exchange supplied customer data to Russian government
Major crypto exchange Binance challenged the accuracy of a report, which stated one of its regional heads agreed to supply Russia’s financial intelligence unit with customer data potentially related to donations for anti-corruption and anti-Putin activist Alexei Navalny. Reuters reported on Friday that Binance’s head of Eastern Europe and Russia Gleb Kostarev met with officials from Russia’s Rosfinmonitoring, a financial monitoring service linked to the country’s Federal Security Service, or FSB, in April 2021. Kostarev reportedly agreed to a request from the government body to turn over certain user data — including names and addresses — later telling an associate he didn’t have “much of a choice” in the matter. However, another unnamed crypto exc...
Russian tax authority proposes to use bitcoin for international payments
The Russian Federal Tax Office (RFB) has come forward with a surprising idea in the crypto law debate in Russia. According to the RFB, it is a good idea to allow companies to make international payments with crypto. Izvestia, a local newspaper, reports that the RFB submitted this as official feedback on the crypto legislation on Wednesday. “[…] to allow companies to pay foreign parties for goods and services and receive payments in digital currencies,” the RFB said in response to the first draft of the cryptocurrency bill in Russia. It could be a way to neutralize sanctions from the West. Should the proposal make it to the finish line, it would mean a significant change in Russia’s price on crypto. Cryptocurrency as an escape route As mentioned, the RFB’s proposal has the potential to comp...
Russian central bank needs to ease up digital asset projects, governor says
Elvira Nabiullina, governor of the Bank of Russia, has admitted that Russia’s central bank might have taken a bit too tough a stance on digital assets and should look to reconsider that. On Thursday, the Russian State Duma reappointed Nabiullina as Bank of Russia governor, marking the third time for her to take the post since she started serving in the position back in 2013. At the official Duma session, Nabiullina talked about many measures that Russia has been taking and is planning to adopt in order to help the government mitigate the impact of massive Western sanctions against the Russian economy. As part of the government’s measures to maintain the economy, the Bank of Russia is working to bring the topic of digital financial assets to a “working state,” Nabiullina stated. She emphasi...
US Treasury Dept lists crypto mining firm in latest sanctions against Russia
The United States Treasury Department has added Russia-based crypto mining services provider BitRiver and several subsidiaries as firms facilitating the evasion of sanctions. In a Wednesday announcement, the Treasury Department’s Office of Foreign Assets Control, or OFAC, said it was taking action against BitRiver AG as well as 10 of its Russia-based subsidiaries, naming the companies as ‘Specially Designated Nationals’. Firms and individuals listed as such by OFAC have their assets blocked and “U.S. persons are generally prohibited from dealing with them.” According to the U.S. Treasury, the actions against BitRiver and its subsidiaries were based on them allegedly facilitating “sanctions evasion for Russian entities,” hinting crypto may have played a role in helping Russia’s govern...
Github suspends accounts of Russian developers linked to sanctioned firms
Major developer platform Github has reportedly blocked more than a dozen accounts of Russian developer’s associated with organizations sanctioned by the United States government. The sanctioned accounts include some of the largest banks in Russia: Sberbank and Alfa-Bank, as well as individual developers with links to the sanctioned firms. However, many individual accounts with no links or ties to sanctioned firms were also blocked in the process, Researcher Sergey Bobrov, who reportedly has no links to any such firm, reported that his account was suspended on April 15 and then immediately restored. My github account is unlocked, thanks everyone. The ban was related to the sanctions imposed on my previous employer. — Sergey Bobrov (@Black2Fan) April 15, 2022 Another individ...
Crypto Twitter reacts as Russian gov’t reviews finalized crypto bill
The Ministry of Finance (MinFin) of Russia finalized a draft bill named “On Digital Currency” and has sent it to the Russian government for approval to be passed as law. The draft of the federal law clarifies regulations related to the trading and mining of cryptocurrencies. On Apr. 8, Russia’s finance ministry announced the amendment and finalization of an impending crypto bill, which provides regulatory clarity related to the circulation, issuance, trading, mining and other activities within the crypto market. While unconfirmed reports of Russia legalizing cryptocurrency surfaced early Apr 16, the thriving crypto community on Twitter welcomed the announcement with arms wide open. BREAKING: The Russian government and central bank have just reached an agreement on cryptoc...
Belarus-born crypto platform halts operations for Russians in response to invasion of Ukraine
Crypto trading company Currency.com has announced it halted operations for clients based in Russia following the country’s “violence and disorder” imposed on the people of Ukraine. In a Tuesday announcement, Currency.com said Russian residents would no longer be able to access its services following the platform’s decision to stop Russia-based clients from opening new accounts. According to Currency.com’s website, the Gibraltar-based crypto trading platform has offices in Kyiv, London, and Vilnius, but was previously licensed and headquartered in Belarus. “We condemn the Russian aggression in the strongest possible terms,” said Vitalii Kedyk, head of strategy for the platform’s London operations and CEO of Currency.com’s Ukraine arm. “In these circumstances we can no longer continue to ser...
Sean Penn Says He Considered Joining Ukrainian Armed Forces
Just a few weeks after returning to the US following his pedestrian flee from Ukraine to Poland, Sean Penn says he considered joining Ukraine’s resistance against Russia. In an interview with the new quarterly magazine Hollywood Authentic, the actor said he only would’ve stayed in Ukraine longer to join the country’s armed forces. “The only possible reason for me staying in Ukraine longer last time would’ve been for me to be holding a rifle, probably without body armor, because as a foreigner, you would want to give that body armor to one of the civilian fighters who doesn’t have it or to a fighter with more skills than I have, or to a younger man or woman who could fight for longer or whatever,” Penn said. “So, where I am in life is short of doing that, but if you’ve been in Ukraine ...
Sean Penn Says He Considered Joining Ukrainian Armed Forces
Just a few weeks after returning to the US following his pedestrian flee from Ukraine to Poland, Sean Penn says he considered joining Ukraine’s resistance against Russia. In an interview with the new quarterly magazine Hollywood Authentic, the actor said he only would’ve stayed in Ukraine longer to join the country’s armed forces. “The only possible reason for me staying in Ukraine longer last time would’ve been for me to be holding a rifle, probably without body armor, because as a foreigner, you would want to give that body armor to one of the civilian fighters who doesn’t have it or to a fighter with more skills than I have, or to a younger man or woman who could fight for longer or whatever,” Penn said. “So, where I am in life is short of doing that, but if you’ve been in Ukraine ...
EU bans providing ‘high-value crypto-asset services’ to Russia
The Council of the European Union has cut Russians off from certain cryptocurrency services as part of a package of restrictive measures against Russian President Vladimir Putin’s “brutal aggression against Ukraine and its people.” In a Friday announcement, the EU council said it would be closing potential loopholes in using digital assets for Russian entities and individuals to evade sanctions with a “prohibition on providing high-value crypto-asset services” to the country. The action was one of three financial measures the European Commission proposed alongside banning transactions and freezing assets connected to four Russian banks as well as a “prohibition on providing advice on trusts to wealthy Russians.” Russian Prime Minister Mikhail Mishustin claimed on Thursday that Russians hol...
Monero defies crypto market slump with 10% XMR price rally — what’s next?
Privacy-focused cryptocurrency Monero (XMR) rallied by nearly 9.5% in the past week compared with the crypto market’s decline of 8.5% in the same period. What’s more, the XMR/USD pair has broken above a strong, multi-month resistance trendline, hinting at more upside ahead. XMR price action XMR’s price was down by a modest 0.87% on April 10 from its two-month-high of $245 established a day before. However, the cryptocurrency still outperformed its top rivals, including Bitcoin (BTC) and Ether (ETH), on a weekly timeframe. Speculations about entities using Monero to bypass sanctions could have boosted its appeal among investors. Meanwhile, The American research group Brookings warned last month that Monero, the first in the line of privacy coins, could...
‘I’ve never paid with crypto before’: How digital assets make a difference amid a war
The ongoing conflict in Ukraine has become a stress test for crypto in many tangible ways. Digital assets have emerged as an effective means of directly supporting humanitarian efforts, and the crypto industry, despite enormous pressure, has largely proved itself a mature community — one ready to comply with international policies without compromising the core principles of decentralization. But there is another vital role that crypto has filled during these tragic events: It is becoming more and more familiar to those who have found themselves cut off from the payment systems that had once seemed unfailing. Traditional financial infrastructures don’t usually work well during military confrontations and humanitarian crises. From hyperinflation and cash shortages to the destruction of ATMs,...
