EU imposes transaction ban on 14 crypto platforms outside Europe

The European Union is taking a major step in its fight against the evasion of sanctions by Russia. As part of the 21st sanctions package, the EU is now imposing transaction bans on fourteen crypto platforms and entities based outside Europe. It is the largest expansion of sanctions listings in four years.

Which platforms are on the list

The Council of the European Union adopts the new sanctions package on 23 July, which contains a total of 218 new listings. According to blockchain analysis firm TRM Labs, the crypto-related measures target platforms linked to the so-called A7 network, a structure used to circumvent Russian sanctions. Several of the affected parties have previously been placed on the sanctions list of the United Kingdom or the United States.

The fourteen platforms and entities on the new EU list are: Rapira, Aifory Pro, ABCeX, WhiteBird, NoOnecrypto, Tradex, Monease, BitPapa, Exnode / Exnode Pay, HTX (Huobi Global SA), EXMO, A7 Nigeria, A7 Africa and PilotFinance. They are active from countries such as Georgia, Panama, the United Arab Emirates, the Marshall Islands, Kyrgyzstan and Belarus. Such activities by crypto companies are increasingly drawing the attention of regulators, as was evident when a crypto payment service was hacked earlier this year.

EU gains new powers for crypto oversight

In addition to the direct bans, the sanctions package also gives the EU a new power that goes beyond individual platforms. From now on, the Union can impose restrictions on crypto services from an entire third country if it appears that platforms in that country are structurally used to circumvent Russian sanctions. That is a remarkable expansion of enforcement powers in the area of digital assets.

More details on the affected platforms and the scope of the package can be found in the analysis by TRM Labs. The new rules make clear that the EU no longer considers crypto a grey area when it comes to international sanctions enforcement, but actively steers to counter abuse via digital channels.