Crypto industry on defensive as Ukraine crisis spotlights Russia sanctions compliance – Reuters.com

Crypto industry on defensive as Ukraine crisis spotlights Russia sanctions compliance – Reuters.com

March 10 (Reuters) - Cryptocurrency evangelists are on the defensive amid warnings from U.S. and European lawmakers that digital asset companies are not up to the task of complying with Western sanctions imposed on Russia following the country’s invasion of Ukraine.

The criticism has seen the crypto industry scrambling to regain control of the narrative, with many executives frustrated that the compliance regimes in place at leading exchanges, such as Coinbase and Binance, are being called into question.

At the same time, the increased scrutiny could be a pivotal moment for the sector to prove that it is not the "Wild West" of finance that regulators have painted it to be.