Financial Sanctions – DIGIT INFO

Nexo Bitcoin Withdrawals Surge Following Raid of Bulgarian Offices

DIGIT — Fri, 13 Jan 2023 17:30:06 +0000

After the offices of crypto lender Nexo were raided in Bulgaria, the digital currency lending platform experienced a significant amount of withdrawals starting Jan. 12, 2023. An archived snapshot of Nexo’s real-time attestation shows that the company held 133,263 bitcoin on that day. As of Jan. 13, 2023, Nexo’s attestation indicates that the company now […]

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Top 3 Macroeconomic Events to Watch in 2023 Amid Volatile Market Conditions

DIGIT — Sun, 01 Jan 2023 19:00:55 +0000

2022 was a tough year for crypto assets, and as the world welcomes 2023, the macroeconomic backdrop remains uncertain. Macroeconomic events will continue to shape the crypto economy and the economy as a whole. This editorial takes a look at the top three macroeconomic events to keep an eye on in 2023. Examining the Top […]

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US Treasury Charges Bittrex With Sanctions Violations, Crypto Exchange Agrees to Settle With Regulator

DIGIT — Wed, 12 Oct 2022 02:30:18 +0000

On October 11, the U.S. Treasury department’s Financial Crimes Enforcement Network (FinCEN) and the Office of Foreign Assets Control (OFAC) announced that it has settled charges with the cryptocurrency exchange Bittrex. The crypto exchange was accused of sanctions violations and failure to “implement effective sanctions compliance controls” between March 2014 and December 2017. Crypto Exchange […]

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Putin Threatens to Let Europe ‘Freeze’ — Russian President Warns ‘We Will Not Supply Gas, Oil, Coal, Heating Oil’

DIGIT — Wed, 07 Sep 2022 23:30:31 +0000

Following the discussions concerning the inter-governmental political forum Group of Seven (G7) pledging to impose price caps on crude oil and the European Commission talking about fixing electricity prices, Russian president Vladimir Putin explained on Wednesday that Russia will not supply the industrialized economic powers and the West with energy. “We will not supply gas, […]

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Russia Shuts off Europe’s Main Gas Pipeline Until the West’s Sanctions Are Lifted, Iran Tempts EU With Similar Deal

DIGIT — Mon, 05 Sep 2022 21:00:46 +0000

Russia has seemingly drawn a line in the sand and will not turn on Europe’s main gas pipeline until the “collective West” lifts the financial sanctions against the country. The move follows the Nord Stream 1 pipeline allegedly shutting down for “maintenance,” but reports from Interfax that followed five days later indicate Moscow will not […]

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Russia’s GDP Decline Less Severe Than Expected, Wall Street Returns to Russian Bonds, Putin Criticizes US ‘Hegemony’

DIGIT — Wed, 17 Aug 2022 17:30:09 +0000

While the ongoing war in Ukraine continues, the Ministry of Economic Development of the Russian Federation detailed this week that Russia’s economic hardships are less severe than expected. Russia’s economic ministry says that the economy’s gross domestic product (GDP) is estimated to drop by 4.2% this year and Russia’s inflation won’t be as elevated as […]

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Report: 100,000 Cubans Are Using Cryptocurrencies to Bypass Financial Sanctions

DIGIT — Tue, 03 May 2022 21:40:36 +0000

On May 2, 2022, a report stemming from the broadcast television and radio network the National Broadcasting Company (NBC), 100,000 Cubans are leveraging crypto assets. The report says increased crypto usage is due to the fact that Cubans cannot use certain payment vehicles due to the sanctions placed on Cuba by the United States. 100,000 […]

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Former Chinese Central Bank Governor: US Dollar Will Remain Global Reserve Currency, Says It ‘Has Great Inertia’

DIGIT — Wed, 27 Apr 2022 16:30:34 +0000

In remarks that appear to pour cold water on assertions that digital currencies will topple the U.S. dollar anytime soon, a former governor of the Chinese central bank, Zhou Xiaochuan, insisted the greenback will remain in its position as the global reserve currency. Xiaochuan said the dollar still “has great inertia.” Process to Change Role […]

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Report: Compass to Sell $30 Million in Crypto Mining Equipment Located in Russia

DIGIT — Sun, 24 Apr 2022 21:30:34 +0000

The U.S.-based company Compass Mining plans to sell $30 million worth of bitcoin mining equipment that’s currently located in Siberia. The decision to sell the mining rigs follows the U.S. government sanctioning the bitcoin mining operation Bitriver and ten subsidiaries. Compass is hoping to offload 12 megawatts of capacity, according to a company executive. Compass […]

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Analysts Warn of Regulatory Risks if Russia Is Able to Use Crypto to Evade Sanctions

DIGIT — Sun, 27 Feb 2022 00:30:00 +0000

Russia could turn to cryptocurrency if it is banned from the SWIFT payments system. Analysts have warned that if Russia is able to use crypto to evade sanctions, “political support in the U.S. for crypto will fall and regulatory risk will rise.” Crypto Faces Regulatory Risks if Used by Russia to Evade Sanctions Amid growing […]

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