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Crypto Exchanges Are Allowing Sanctioned Russian Banks Access, Report Says

  • Inca Digital report calls out Huobi, KuCoin crypto exchanges
  • They allow customers with debit cards from sanctioned banks
U.K. Raps Binance Markets Ltd. as Regulatory Scrutiny of Crypto Escalates
Photographer: Jason Alden/Bloomberg
Updated on

Two major crypto exchanges still allow customers of sanctioned Russian banks to transact on their platforms, according to a report from digital asset data analytics firm Inca Digital.

Huobi and KuCoin enable people to trade crypto using debit cards issued by sanctioned Russian banks like Sberbank, the report found. Inca Digital Chief Executive Officer Adam Zarazinski said in an interview Friday that this could be a violation of US and European sanctions and that the transactions often involve Tether, a stablecoin that has faced its own scrutiny from regulators.