New UK Law terms detrimental Cryptocurrency Exchanges as Cyber Criminals

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As per the latest law in the UK, cryptocurrency exchanges should abide by the rules set by the government, otherwise, they can be termed as criminals and might face serious consequences along with sanctions.

For the past few months, Russia government is facing extreme criticism for waging a war against Ukraine. And the United States, under the Biden Administration, pressed sanctions against the nation, all to force it to stop the battle with Kyiv.

However, some cryptocurrency exchanges were seen supporting Putin’s deeds for reasons best known to them and were also found to be offering his nation special benefits to evade the negatives of sanctions.

For this reason, the government of the UK, who has elected Liz Truss as their 2022 Prime Minister, has planned new obligations for the exchanges to follow. Albeit they will be slapped with criminal charges and might face a permanent trade ban, depending on the severity of their deeds. The exchanges that need to abide by the new formulations include those seeking business with Bitcoins, Ether, Tether or Non-Refundable Tokens (NFTs).

NOTE 1- Crypto exchange firms like Binance came under the scanner of various law enforcement agencies across the world. As they found and blocked multiple accounts linked to the relatives of Russian Politicians that include Putin’s spokesperson Dmitry Peskov, Sergei Lavrov close relatives and some UK politicians who were in the race for the Prime Minister of UK this year.

NOTE 2- Practically, it is hard to keep a tab on digital currency transactions and tough to say whether it is really being used by non-criminals…. isn’t it?

 

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Naveen Goud is a writer at Cybersecurity Insiders covering topics such as Mergers & Acquisitions, Startups, Cyber Attacks, Cloud Security and Mobile Security

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