According to a research by blockchain analytics firm Inca Digital, popular crypto exchanges Huobi and KuCoin have been criticized for not adhering with sanctions placed on Russia as a result of its invasion of Ukraine.
Inca Digital revealed that the two top exchanges did not take measures to prevent sanctioned Russian banks from using their respective peer-to-peer networks, the Politico reported.
Inca Digital CEO Adam Zarazinski stated during an interview that these transactions frequently use Tether, a stablecoin that has come under its own inquiry from regulators, and that this may be a breach of US and European restrictions.
Major Crypto Exchanges Fail To Block Sanctioned Russian Banks
Russian bank debit cards were said to have been exploited on crypto exchanges.
Huobi and KuCoin enable people to trade crypto using debit cards issued by sanctioned Russian banks, a report found https://t.co/snl3X4as3O
