Japanese regulators are set to penalize cryptocurrency exchanges that refuse to comply with the sanctions imposed on Russia for its invasion of Ukraine.
- The Financial Services Agency and the Ministry of Finance said exchanges involved in any unauthorized transactions including digital tokens with sanctioned recipients could be imprisoned up to three years or fined 1 million yen.
- The announcement was made after the Group of Seven banded together to address issues on cryptocurrencies, in a bid to prevent sanctions. South Korean cryptocurrency exchanges earlier already barred addressed based in Russia.
- Major exchanges such as Binance, Coinbase, and Kraken will not remove the entirety of Russian addresses, while Singaporean exchange Crypto.com included Russian to the list of languages supported by its platform earlier this month.
Exchanges are mandated to disclose any suspected transactions to the Financial Services Agency.
BTC is up 0.32%, ETH up 0.63%, while BNB is down 0.98%.