• The Ukrainian Financial Monitoring Service has blocked access to several Russian crypto exchanges due to their association with sanctioned Russian banks.
• The agency has also blocked access to Russian crypto wallets, although it is not clear if this refers to all wallets or just those linked to the government.
• The SFMS has also requested action from Binance to prevent peer-to-peer transactions from users of sanctioned banks.

The Ukrainian Financial Monitoring Service (SFMS) has taken firm steps to protect the country against aggressive actions by the Russian Federation in the virtual assets market. The agency, a unit of the country’s financial intelligence, announced this week that it had blocked access to a number of online crypto exchangers operating out of Russia, due to their association with sanctioned Russian banks.

The SFMS also noted that it had worked closely with crypto service providers in Ukraine and abroad to introduce a mechanism for the „blocking of crypto wallets of the Russian Federation.“ It is unclear whether this refers to all wallets or just those linked to the government in Moscow.

In addition, the SFMS has also requested action from Binance, the world’s largest crypto exchange, to prevent peer-to-peer transactions from users of sanctioned banks. This is part of their broader effort to protect the country from malicious activities in the virtual assets market.

The SFMS has also increased its peacetime activities, such as combating money laundering, and has contributed to the country’s defense effort as part of the ongoing conflict with Russia. In its report, the agency noted that its employees had worked together with colleagues from the Ministry of Digital Transformation and leading Ukrainian crypto experts to identify Russian crypto exchanges associated with sanctioned Russian financial institutions, including Russia’s largest bank, Sber.

The SFMS has made it clear that it is taking all necessary steps to ensure that the country is well protected from malicious activities in the virtual assets market, and that they are committed to curbing the aggression of the Russian Federation. They hope their efforts will result in a secure and prosperous future for Ukraine and its citizens.

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