Crypto intelligence firm Inca Digital published a report alleging cryptocurrency, particularly the Tether stablecoin, has been used for Russian sanction busting via cryptocurrency exchanges. It states that Huobi and KuCoin allow transactions for their P2P platforms that use sanctioned Russian banks for deposits. It makes a similar allegation about Binance but sourced the data from ‘Digital intelligence assets inside Russia’ rather than directly.
Inca’s clients include the Department of Defense, the CFTC and Fidelity.
The main allegations relate to peer-to-peer (P2P) markets where the exchanges provide the platform rather than the core cryptocurrency exchanges.
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