The two largest crypto exchanges in Seychelles, Huobi and KuCoin, do not accept money from Russian banks that have been sanctioned, but have not yet banned customers from making transactions with debit cards from these banks (including Sberbank).
As reported to Politico newspaper after learning about the study by analytics company Inca Digital and speaking with its boss, cryptocurrency exchanges still allow merchants with cards from sub-sanctioned banks to convert financial savings into cryptocurrencies.
According to the CEO of Inca Digital, Adam Zarazinski, this indicates an overly formal attitude of the crypto exchanges to sanction the bans (they found a loophole, but they neglect the very essence of the restrictions).
At the same time, analysts also emphasize that the situation highlights the weak effectiveness of attempts to isolate Russian companies and the population from the global financial system.
Inca Digital notes that cryptocurrency exchanges Binance and ByBit also have “vulnerabilities.” The latter allows you to convert rubles into cryptocurrencies with any Russian card.
Officially, all these exchanges have reduced their activities in the Russian Federation and have blocked Russian users, but there is always an opportunity to use nominal accounts with foreign IP addresses.
Author:
Ekaterina Alipova
Source: RB
I am a professional journalist and content creator with extensive experience writing for news websites. I currently work as an author at Gadget Onus, where I specialize in covering hot news topics. My written pieces have been published on some of the biggest media outlets around the world, including The Guardian and BBC News.
