Russian oil companies have increasingly relied on digital assets and crypto platforms to circumvent financial sanctions, according to the European Commission.
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Russia’s rapid DeFi expansion and increase in large-value transfers indicate growing adoption of crypto for financial services, according to Chainalysis.
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Brad Garlinghouse has asked that Ripple be “held to the same regulatory standards as a bank” as the company awaits a decision on a national charter from the OCC.
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Several banks in Russia, Belarus and Central Asia are also in the EU’s firing line for enabling crypto-related transactions, according to a Bloomberg report.
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Despite sanctions and scrutiny, the ruble-backed A7A5 stablecoin surged 250% in a day to reach a $500 million market cap, overtaking all non-US dollar rivals.
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The European Union is looking to block Russian crypto transactions, marking the first time that sanctions have directly targeted cryptocurrency platforms.
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Iran crypto flows have dropped 11% this year to July amid conflict with Israel, a $90 million hack on local crypto exchange Nobitex and Tether freezing 42 wallets.
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The UK sanctioned Kyrgyz banks, crypto exchanges and individuals tied to Russia’s ruble-backed stablecoin.
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The US government redesignated Garantex on Thursday to its list of sanctioned entities, along with its successor, Grinex, but TRM Labs suggests it may be ineffective.
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The Office of Foreign Assets Control said it was taking additional action against the crypto exchange after including it on its list of Specially Designated Nationals in 2022.
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Roman Storm’s trial verdict leaves the door open for US prosecutors to retry the Tornado Cash developer, attorneys said.
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The EU has sanctioned multiple entities for using cryptocurrencies to evade restrictions, channel funds, and propagate pro‑Russian disinformation and election interference.
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The judge reportedly said she would not be inclined to have attorneys bring up the US Treasury’s 2022 sanctions against Tornado Cash after they were withdrawn in March.
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The dismissal came days before Tornado Cash developer Roman Storm was scheduled to face charges in US federal court.
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Applying advanced tools for tracking illicit stablecoin transactions is necessary; still, it is not enough to mitigate the risks of mass adoption.
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