{"id":13218,"date":"2022-04-09T02:49:07","date_gmt":"2022-04-09T02:49:07","guid":{"rendered":"http:\/\/egrowonline.com\/?p=13218"},"modified":"2022-04-09T02:49:07","modified_gmt":"2022-04-09T02:49:07","slug":"e-u-makes-sudden-move-against-crypto-threat-after-the-price-of-bitcoin-ethereum-bnb-xrp-cardano-solana-and-luna-make-huge-gains","status":"publish","type":"post","link":"http:\/\/egrowonline.com\/?p=13218","title":{"rendered":"E.U. Makes Sudden Move Against Crypto \u2018Threat\u2019 After The Price Of Bitcoin, Ethereum, BNB, XRP, Cardano, Solana And Luna Make Huge Gains"},"content":{"rendered":"


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The European Union (E.U.) has banned the provision of high-value cryptocurrency services to Russia as part of the latest sanctions salvo in response to the invasion of Ukraine. <\/p>\n

Subscribe<\/em><\/strong> <\/em>now to <\/em><\/strong>Forbes’ CryptoAsset & Blockchain Advisor <\/em>and successfully navigate the latest crypto price rally<\/em><\/strong><\/a><\/p>\n

The move prohibits deposits to crypto wallets\u2014including using popular cryptocurrencies bitcoin, ethereum, BNB, XRP, cardano, solana and luna\u2014and follows a warning from European Central Bank president Christine Lagarde that cryptocurrencies pose a “threat” to the bloc’s efforts to sanction Russia<\/a>.<\/p>\n

The price of bitcoin, ethereum, BNB, XRP, cardano, solana, luna and other cryptocurrencies has soared over the last 18 months, making them increasingly attractive for illicit use<\/a> even though they remain highly volatile<\/a>. <\/p>\n

Want to stay ahead of the market and understand the latest crypto news? <\/strong>Sign up now for the free CryptoCodex<\/em><\/strong><\/a>\u2014A daily newsletter for crypto investors and the crypto-curious<\/strong><\/p>\n

MORE FROM FORBES<\/span>‘Potentially Dramatic’-Bitcoin Could Hit $1.3 Million In This Radical Crypto Price Prediction Scenario<\/span>By Billy Bambrough<\/span><\/small><\/span><\/span><\/a> <\/p>\n

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European Central Bank (ECB) president Christine Lagarde recently warned over the “threat” of Crypto … [+]<\/span> service providers are accomplices to circumventing Russia sanctions. <\/span><\/p>\n

dpa\/picture alliance via Getty Images<\/small>
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The E.U. will put “a prohibition on providing high-value crypto-asset services to Russia,” the European Commission announced<\/a>, adding, “this will contribute to closing potential loopholes.”<\/p>\n

The package is the fifth round of sanctions imposed on the country, which includes action against banks, currencies and trusts, and will “further contribute to ramping up economic pressure on the Kremlin and cripple its ability to finance its invasion of Ukraine.”<\/p>\n

In March, European Central Bank (ECB) president Christine Lagarde warned<\/a> bitcoin and other cryptocurrencies were being used to evade sanctions, calling bitcoin and crypto exchanges offering services to services to those hit by sanctions “accomplices” in trying to evade them. The world’s biggest crypto exchanges, such as Coinbase and Binance, have been quick to fall into line with sanctions.<\/p>\n

Europe and the U.S. have led an effort to impose crippling economic sanctions on Russian state companies and banks in recent weeks, with the British government last month unveiling new powers to seize bitcoin and cryptocurrencies.<\/p>\n

Trading volumes between bitcoin and the Russian ruble soared to a nine-month high following the country’s invasion of Ukraine and subsequent sanctions. In February, Russia was kicked off the world’s main international payments network SWIFT<\/a>.<\/p>\n

Sign up now for CryptoCodex<\/em><\/strong><\/a>\u2014A free, daily newsletter for the crypto-curious<\/strong><\/p>\n

MORE FROM FORBES<\/span>Emergency Crypto Theft Warning Issued For Billions Of Android And iPhone Users-Coinbase And Metamask Attacks Underway<\/span>By Billy Bambrough<\/span><\/small><\/span><\/span><\/a> <\/p>\n

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The bitcoin price has exploded over the last few years, making bitcoin and cryptocurrencies a $2 … [+]<\/span> trillion market and fueling a massive rise in the price of ethereum, BNB, XRP, solana, cardano and luna. <\/span><\/p>\n

Coinbase<\/small>
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Russian oligarchs and billionaires hit by severe financial restrictions were turning to bitcoin, a London-based lawyer said in March<\/a>. <\/p>\n

“The immediate problem they have is where they’re going to move their cash, they certainly don’t want to move it into Russia,” Nigel Kusher, the chief executive of law firm W Legal, told the BBC<\/em><\/a>, who’s working with several unnamed wealthy Russians.<\/p>\n

“Some might purchase bitcoin, it’s really tricky for them,” Kusher said, adding it’s “the only option” for certain Russian oligarchs and billionaires targeted by international sanctions. “No bank in the world, other than a Russian bank will touch you once you’re on the sanctions list, so where else could you put your money?”<\/p>\n<\/div>\n


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The European Union (E.U.) has banned the provision of high-value cryptocurrency services to Russia as part of the latest sanctions salvo in response to the invasion of Ukraine. Subscribe now to Forbes’ CryptoAsset & Blockchain Advisor and successfully navigate the latest crypto price rally The move prohibits deposits to crypto wallets\u2014including using popular cryptocurrencies bitcoin, […]<\/p>\n","protected":false},"author":1,"featured_media":13219,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[37],"tags":[50,564,266,62,158,615,640,357,883,195,84,6017,3289,58],"class_list":["post-13218","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","tag-bitcoin","tag-bnb","tag-cardano","tag-crypto","tag-ethereum","tag-gains","tag-huge","tag-luna","tag-move","tag-price","tag-solana","tag-sudden","tag-threat","tag-xrp"],"jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"http:\/\/egrowonline.com\/wp-content\/uploads\/2022\/04\/1649472545_0x0.jpg","_links":{"self":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/13218","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=13218"}],"version-history":[{"count":1,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/13218\/revisions"}],"predecessor-version":[{"id":13220,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/13218\/revisions\/13220"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/media\/13219"}],"wp:attachment":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=13218"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=13218"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=13218"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}