Britain imposes first sanctions under Russia regime on crypto exchanges linked to alleged sanctions evasion.
The UK government sanctioned four crypto-related firms, including Bitpapa IC FZC LLC and Exmo Exchange Limited, for allegedly providing financial services to A7 Limited Liability Company. The move is part of broader efforts to disrupt Russia-linked sanctions-evasion networks, also targeting banks and related entities.
This marks the first use of the UK’s Russia sanctions regime against crypto exchanges, according to blockchain analytics. The firms join a growing list of entities facing restrictions amid heightened scrutiny of digital asset flows tied to Russia.
No immediate market reaction was reported, but the sanctions signal increased regulatory pressure on crypto platforms facilitating cross-border transactions.