The latest report shows that despite sanctions imposed by the United States on Russia, the trading volume of rubles on currency security is still skyrocketing.Recently, there have been reports that the native cryptocurrency BNB of Coin An has encountered severe selling pressure
The latest report shows that despite sanctions imposed by the United States on Russia, the trading volume of rubles on currency security is still skyrocketing.
Recently, there have been reports that the native cryptocurrency BNB of Coin An has encountered severe selling pressure. The latest accusation by the US Department of Justice (DoJ) of violating US sanctions against Russia.
On Tuesday, August 22nd, the token fell as much as 3.6% to $203.59, resulting in a total year-to-date decline of approximately 15%. Despite a significant surge in the cryptocurrency benchmark Bitcoin, it has risen by over 50% since December last year, accounting for about half of the market's $1 trillion valuation. However, this decline has still occurred. Currently, BNB's market value is approximately $32 billion, making it the fourth largest cryptocurrency asset. The cryptocurrency exchange Binance provides transaction fee discounts to BNB holders, who can then use tokens to settle fees on the BNB smart chain.
Recently, the cryptocurrency exchange Coin Security has encountered very difficult times when dealing with regulatory agencies and their channel partners. Among all regulatory allegations, Checkout. com is the latest company to stop providing payment service providers to Coin An.
US Department of Justice - Coin Security Violates Russian Sanctions
After the US imposed sanctions on Russia after Ukraine's invasion last year, Coin Security reduced its operations in the country. However, external aggregated data shows that Coin An continues to handle a large amount of Russian ruble trading volume.
The Wall Street Journal report points out that customers can use intermediaries to convert funds from sanctioned banks into monetary balances. In addition, Coin An also promotes point-to-point exchange of rubles and digital tokens, which typically involves banks listed on Western blacklists. Evidence from company websites, user screenshots, and official chat groups confirms these behaviors. When discussing this progress, a spokesperson for Coin An stated:
A person familiar with the matter pointed out that the Ministry of Justice is conducting an investigation into the possible violations of Coin An. Coin An has conveyed its actions to address the concerns of the authorities and expressed its commitment to transparency. It is also willing to cooperate with regulatory and law enforcement agencies.
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