The European Commission is investigating whether cryptocurrencies are being used to circumvent sanctions against Russian financial institutions.<\/p>\r\n\r\n\r\n\r\n
According to the senior EU official who confirmed the move, the EU is aware that crypto assets were a “possible circumvention route” to circumvent sanctions imposed by the blocs and other Western powers.<\/p>\r\n\r\n\r\n\r\n
Further suspicions were raised after trading volumes between the Russian Ruble and tether cryptocurrencies surged on Monday.<\/p>\r\n\r\n\r\n\r\n
“The increase in value of some of these assets may be a response to attempts to circumvent the sanctions. We are looking into this, but no decision has been taken yet,” the EU official said.<\/p>\r\n\r\n\r\n\r\n
However, crypto-exchanges are taking steps to help sanction Russia especially customers from their platforms. Binance has blocked the accounts of Russian customers affected by the ban.<\/p>\r\n\r\n\r\n\r\n
The Ukrainian Deputy Prime Minister Mykhailo had advocated blocking the digital wallet addresses of Russian and Belarusian politicians and ordinary users at large cryptocurrency exchanges.<\/p>\r\n\r\n\r\n\r\n