Russia is the world's third-biggest bitcoin mining hub, according to Cambridge University data.
"Crypto mining, while nowhere near a replacement for the assets frozen by Russian sanctions, avoids the fiat-to-crypto 'on-ramps' and crypto-to-fiat 'off-ramps' at centralized virtual currency exchanges, thereby bypassing sanctions screening," said Anand Sithian, counsel at Crowell & Moring and a former trial attorney in the criminal division of the Department of Justice's asset forfeiture and money-laundering section.
"While these measures are potentially restrictive to normal Russian citizens, Binance must continue to lead the industry in implementing these sanctions," Binance said in anRussia is home to a huge cryptocurrency market.It's not clear where this data comes from, but there is growing evidence that Russians are turning to crypto as an alternative toAccording to data from CryptoCompare, ruble-denominated crypto trading volumes reached 111.
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