Sanction Breaches Must Be Reported, UK Tells Crypto Exchanges in a Rule Update: Report

The United Kingdom’s Office of Financial Sanction Implementation (OFSI) has included “cryptoassets” in a list of assets that must be frozen if they belong to a person or company who is facing sanctions.

As per the new rules, crypto exchanges will face criminal charges if they “fail to report clients designated for sanctions.” The exchanges must identify and report sanctioned customers and their transactions immediately to UK authorities, said a report in The Guardian.

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