UK Cracks Down on Cryptocurrency Networks Linked to Russia

The UK has stepped up its crackdown on cryptocurrency networks linked to Russia. The National Crime Agency issued a national alert advising banks, payment service providers, and crypto companies to scrutinize transactions related to Russia.

The alert also proposes increasing the maximum civil penalties for violations involving measurable funds or economic resources from £1 million or 50% of the amount to the higher of £2 million or 100%.

A7 operates a cross-border settlement network that has helped Russian clients transfer funds while evading sanctions, processing over $86 billion in its first year. The alert expands compliance teams' focus beyond traditional name checks, requiring stricter scrutiny of intermediary wallets and other suspicious activities.