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Japan warns $8,500 fine on crypto exchanges over illegal transactions against Russia

Japan warns $8,500 fine on crypto exchanges over illegal transactions against Russia 6

Crypto exchanges received official orders to follow the imposed financial sanctions on Russia. 

Today is the 19th day of the Russia vs Ukraine war and in this situation, every organization and NGOs are trying to help Ukraine against the invasions of the Russian military. Here the crypto community is currently actively helping financially. On the other hand, few countries imposed financial & trade sanctions on Russia, so that country could think to slow down the war against Ukraine. 

On 14 March, The Financial Services Agency and Ministry of Finance of Japan collectively released a legal order to all the crypto companies including crypto exchanges to follow the financial sanctions based provisions against Russia.

It is a type of warning as well as an order to these crypto companies to keep activities of their services away from Russia. Here if any exchange found to violate the provisions of financial sanctions on Russia or will facilitate any kind of illegal transactions related to these sanctions will face a penalty of 1 million yen ($8,487.52).

Under the released advisory and order to the crypto exchanges, if any crypto company will find any user involved in any kind of such suspicious transactions in favour of the financial sanctions on Russia, will be required to report the FSA.

These released actions of the government agencies are part of the debate and discussion on the possibilities of Russia to bypass imposed financial sanctions at some level. So this latest decision will close the loophole of the financial sanction at a significant level.

Besides all these things, interestingly the majority of the leading crypto exchanges Coinbase, Binance, and Kraken denied blocking all Russian address related crypto users, however, banned particular addresses belonging to the illegal activities related to the Russian region.

Read also: Bitcoin may hit $600k in 2014 under normal situations, says Former Goldman Sachs officials

Japan warns $8,500 fine on crypto exchanges over illegal transactions against Russia


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