KuCoin and Huobi Identified as Providing Trading Access to Russian Banks: Report

A new report is raising concerns about access to cryptocurrency trading for sanctioned Russian entities. According to Bloomberg, a new report from Inca Digital finds that crypto exchanges Huobi and Kucoin are permitting customers of sanctioned Russian banks to access their trading platforms.

The report by open-source intelligence company Inca Digital alleges that two major crypto exchanges, Huobi and KuCoin, have been letting customers of sanctioned Russian banks trade on their platforms. The recent report from Inca Digital identifies both Huobi and KuCoin exchanges as being accountable for the act.

Specifically, Huobi and KuCoin enable people to trade crypto using debit cards issued by sanctioned Russian banks like Sberbank, the report found. This circumvents sanctions and allows these banks' customers continued access to the crypto market.

The report mentioned that the exchanges allowed users to bypass restrictions, drawing scrutiny from regulators and international bodies. Huobi and KuCoin are reportedly allowing customers of sanctioned Russian banks to access their trading platforms.

While other exchanges have taken steps to limit access for Russian users, this report highlights the ongoing challenges in enforcing sanctions within the decentralized world of cryptocurrency. Binance was also allowing Russians to convert local currency.

This news concerning KuCoin and Huobi enabling trading with sanctioned Russian banks could have significant implications for the future of crypto regulation and international compliance.