New rules by the UK Office of Financial Sanctions Implementation (OFSI) of Her Majesty’s Treasury define that crypto exchanges should report and freeze accounts suspected of avoiding Russian sanctions or potentially facing criminal charges.
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The announcement by the financial authority says payment instruments and assets used to obtain funds, goods, or services, including crypto would fall under the definition of a sanction’s breach if used with such intent.
Earlier, in March the UK Financial Conduct Authority (FCA) said that financial firms and crypto exchanges are expected to play their part in ensuring that sanctions are complied with. The FCA have strict guidelines on how to ensure that sanctions against Russia are maintained.