Cryptocurrency exchanges continue to serve Russians despite sanctions

Inca Digital has published an analytical report stating that Huobi and KuCoin have not stopped cooperating with Russian banks included in the sanctions list.

Yesterday, on February 24, the US authorities imposed restrictions on the activities of a group of financial institutions, including MTS Bank, Bank St. Petersburg, Uralsib, Moscow Credit Bank, and others.

Today it has become known that Huobi and KuCoin have not refused to serve users who hold cards of the above banks. In addition, cryptocurrency exchanges do not comment on what is happening and do not promise that they are going to comply with the sanctions.

These are far from the only crypto exchanges found to be in non-compliance with government guidelines. The report also states that Binance allows Russian citizens to use exchange operations, and Singapore’s ByBit exchange allows rubles to be transferred into digital currency through fiat deposits.

In conclusion, Inca Digital states that many exchanges have made an official statement about blocking Russian users, but in fact continue to provide them with their services for trading, withdrawals, and the use of maximum deposit limits.