EU Slams Brakes on Crypto Evasion: Targets 11 Platforms in Sanctions Package

The European Union has introduced its toughest crypto crackdown yet, targeting 11 unnamed cryptocurrency platforms as part of its 21st sanctions package against Russia. These platforms operate in Belarus and Nigeria and are accused of acting as conduits to funnel money between Russia and countries blocked from doing business with it.

The EU now has the power to ban crypto services from an entire nation or jurisdiction if it is viewed as a hub for laundering Russian financial transactions, marking an unprecedented development in the battle against sanctions evasion.

Additionally, 94 banks and financial institutions have been targeted by the new measures, including 32 banks and the Moscow stock exchange. The EU has also designated 11 cryptocurrency platforms that operate in Belarus and Nigeria as conduits for money laundering between Russia and sanctioned countries.