UK Sanctioned Kyrgyz Crypto Networks in Effort to Halt Russian Sanctions Evasion

The UK government has imposed sanctions on Kyrgyz financial institutions, including Capital Bank and the crypto exchanges Grinex and Meer, for aiding Russia in circumventing sanctions. This action is part of a larger effort to curb illicit financial networks supporting Russia. 60.47 billion USD worth of transactions facilitated by these entities have come under scrutiny. The UK’s move signifies its dedication to counteracting Russia’s attempts to evade economic restrictions using cryptocurrencies, impacting cross-border payments and raising concerns about global compliance within the crypto sector.