UK Says Huobi and KuCoin Violates Sanctions Regime Against Russia

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Binance has announced that it will no longer operate in the Russian market as part of its efforts to comply with international sanctions against certain individuals and entities.

Over the next 12 months, the company will transfer its Russian business to the CommEX platform.

This decision comes as EU and US authorities ramp up efforts to crack down on crypto exchanges serving Russian users in violation of sanctions.

In response to this issue, the Bank of England has admitted that platforms like Huobi and KuCoin have continued to facilitate Russian banks’ circumvention of financial sanctions.

As a result, these exchanges have been blacklisted by the British regulator, along with several investment companies.

The Central Bank emphasized the importance of avoiding these unauthorized crypto companies, stating that promoting financial services in the UK without proper permission or approval is strictly prohibited.