The European Union is preparing its 21st sanctions package against Russia, marking the first time the bloc has considered banning third-country crypto service providers as part of its restrictive measures. The package targets a network reportedly worth $120 billion and names 14 crypto companies, though the EU has not yet publicly identified them. The move signals an escalation in the bloc's efforts to close loopholes that allow sanctioned entities to move funds through digital assets and cross-border service providers. By extending measures to providers based outside the EU, regulators aim to limit Russia's ability to circumvent existing financial restrictions. The proposal reflects growing concern among European officials that crypto infrastructure is being used to evade sanctions. Details on enforcement mechanisms and the specific firms involved are expected as the package advances through the EU's approval process.
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