Englandwarned cryptocurrency exchanges to report any enforcement violations.
The UK has warned exchanges about the actions of users who could evade sanctions.
UK to Sanction Crypto Suspects
The UK has warned crypto exchanges to freeze and cancel accounts suspected of evading Russia sanctions or potentially facing criminal charges.
UK Financial Sanctions Enforcement Office(OFSI) decided that cryptocurrency exchanges should report any suspected cryptocurrency that could be used to evade Russian sanctions.
In an announcement, OFSI asked exchanges to report the suspected breach to the agency and freeze assets. He stated that he could face criminal offenses or financial penalties otherwise.
The Sanctions Office added that any other means of payment and assets used to obtain funds, goods or services, including cryptocurrencies, would be considered a sanction violation if used for such a purpose.
UK Financial Conduct Authority(FCA) also said that financial firms and crypto exchanges are expected to play an exemplary role in ensuring compliance with sanctions.
