Hillary Clinton Slams Crypto Markets for Allowing Russia to Evade Sanctions

Clinton claims to be “disappointed” in the cryptocurrency markets  for not wanting to end her services with Russia .

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Former US Secretary of State  Hillary Clinton has expressed her anger at cryptocurrency exchanges for allowing Russia to use them to circumvent economic sanctions.

“I was disappointed to see some of the so-called cryptocurrency exchanges — not all, but some — refusing to finalize transactions with Russia,” Clinton told Rachel Maddow on MSNBC earlier this week, calling on everyone to “do everything everything possible to isolate Russian economic activity at this time.”

“I hope that someone in the Treasury Department is trying to figure out how to control leaky valves in the cryptocurrency market that could allow Russia to escape the full weight of sanctions ,” Clinton told Maddow.

Dodging with cryptocurrencies

The Biden administration has imposed multiple rounds of sanctions on Russia and its oligarchs for the nation’s aggressive invasion of Ukraine .

The problem is that cryptocurrency exchanges currently operate in a murky legal vacuum, allowing Russian actors to circumvent sanctions and funnel money in and out of the country.

In fact, while the Russian ruble is completely crushing, cryptocurrencies like Bitcoin and Ethereum are recovering.

Major crypto exchanges like Coinbase or Binance have yet to implement blanket bans for Russian citizens . But if there were ever to be new sanctions prohibiting Russian citizens from conducting crypto transactions, they would likely be upheld.

“I think there’s a reputation issue here,” Tom Keatinge, founding director of the Center for Financial Crime and Security Studies, told Decrypt earlier this week “Do you want now or later to be known as the exchange that facilitated sanctions evasion, even if it wasn’t technically illegal?”

Clinton is not alone in calling exchanges to crack down on Russian users. Ukrainian Deputy Prime Minister Mykhailo Fedorov also called on exchanges to “freeze not only addresses linked to Russian and Belarusian politicians, but also sabotage ordinary users,” in a tweet over the weekend.

Even before Russia invaded Ukraine, Clinton has been a big supporter of blockchain regulation, calling on the White House to ensure that cryptocurrencies don’t end up undermining the US dollar and other fiat currencies by the end of the year. past.