The U.S. government ordered global cryptocurrency exchanges to comply with Russian sanctions after the country ordered an invasion of Ukraine last week. According to Bloomberg.
Biden's management raised the following concerns: Cryptocurrency it can be used to bypass the heavily regulated traditional financial system.
The order was officially issued on Monday by the Treasury Department's Office of Foreign Exchange Control. It will take effect on March 1. This means that it is necessary for all cryptocurrency exchanges operating in the United States to comply with the sanctions imposed on Russia.
Alma Angotti, Partner and Head of Global Legal and Regulatory Risk Management at Guidehouse Financial Services Group, said: "This new regulation could make cryptocurrencies even more centralized," which is why the U.S. government is "warning the governments of sanctioned parties that they will do everything they can to block their financial channels."