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U.S. Prods Exchanges to Thwart Crypto Use by Sanctioned Russians

  • White House, Treasury seek to bolster financial restrictions
  • Ukraine has urged platforms to block Russian clients
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Are Cryptocurrencies Sanction-Proof?

The Biden administration is asking crypto exchanges to help ensure that Russian individuals and organizations aren’t using virtual currencies to avoid sanctions leveled on them by Washington, according to people with direct knowledge of the matter.

The White House’s National Security Council and the Treasury Department have sought help from operators of some of the world’s largest trading platforms to thwart any attempts to sidestep the stiff restrictions levied by the U.S. and its allies after Russia invaded Ukraine last week, said the people. The effort comes as the Biden administration grapples with how to police the asset class amid concerns that tokens can be used to avoid the heavily-regulated traditional financial system.