The Japanese Financial Services Agency and its Ministry of Finance have outlined consequences against cryptocurrency exchanges that fail to implement sanctions against Russia.
The directive notes that crypto exchanges that make restricted payments to sanctioned entities face imprisonment of up to three years and 1 million yen equivalent to $8,487.52 fines.
The exchanges are further compelled to report any fund transfers from or to the sanctioned targets to the relevant authorities.
The announcement follows a move by the G7 nations to seal all the possibilities that can enable Russia to circumvent sanctions.
Larger cryptocurrency exchanges like Binance, Coinbase, and Kraken are yet to ban Russian accounts. Crypto.com included Russian as one of the supported languages in March.
Cryptocurrency exchanges based in South Korea have blocked all Russian accounts as digital assets exchanges face pressure to follow the steps by their respective governments.
Source: Forkast
