Elliptic: bitcoin industry should prevent Russia from circumventing sanctions

The crypto industry has received a “strong signal” from the US that it needs to implement solutions that will prevent Russia from evading sanctions through mining. David Carlyle, Vice President for Policy and Regulation at Elliptic

According to him, “unprecedented” sanctions OFAC in relation to the Russian operator of mining centers BitRiver demonstrate the real concern of the department on this issue.

“The crypto asset industry should also work to put in place compliance solutions and processes to ensure they can prevent prohibited transactions and services involving blacklisted entities,” Carlyle noted in a comment to ForkLog.

Earlier, Elliptic calculated that Iran, which is under Western sanctions, has earned up to $1 billion on bitcoin mining. OFAC will make every effort to prevent Russia from following such a scenario, Carlyle is convinced.

Recall, on April 20, the US Treasury imposed sanctions against the BitRiver group of companies involved in cryptocurrency mining in the Russian Federation.

On the risks of Russia evading sanctions through mining and hackers Elliptic announced back in March.