MAS reminds cryptocurrency exchanges in Singapore to comply with sanctions against Russia

in stopping illicit flows of funds as they allow users to send or receive cryptocurrency and convert it into cash to be spent freely.

"And so that US$5 million goes a long way in facilitating the efforts of the militia groups on the Russian side."According to Chainalysis, the groups are using public social media pages to call for donations through various methods, including cryptocurrency wallet addresses. Research from TRM Labs, another cryptocurrency-tracing firm, published on Oct 7 showed that while some groups maintain their own websites, they use Telegram as the"principal way" to promote cryptocurrency addresses for donations.

Task Force Rusich maintains at least 14 addresses across seven different blockchains, and their messages are spread on other pro-Russian Telegram channels, TRM Labs said. The group has received over US$144,000 in cryptocurrency since the start of the invasion. "While that may mean the threat is reduced, it makes uncovering it even harder - these transactions would likely look like everyday transaction activity at first glance," he added.

"After Task Force Rusich’s message on Jun 28, 2022, the addresses disseminated by the channel deposited over 99% of the funds received into a different exchange, with no further observable funds being deposited at addresses at the previous exchange," TRM's report said. Mr Fierman said the"comprehensive sanctions" slapped on Russia since it invaded Ukraine, cutting out traditional currency support, is one reason these groups are turning to cryptocurrency.

"We also screen against updated lists of sanctioned individuals and entities using a mix of public and proprietary data sources. Finally, we block IP addresses in Russia from accessing the Sparrow platform."

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