Ukraine has accused several crypto traders of laundering funds for Russia through digital assets and seized properties worth $3.3 million.
According to a statement, Ukraine claims that the traders were converting the properties to cash and non-cash assets. The traders will face criminal trials in Ukraine. Although, as the reports claim, the properties seem to belong to ordinary Russian citizens as opposed to an operation sanctioned by the Putin-led government.
The properties seized included $1.69 million (spread in various currencies), 830kg of silver, six plots of land, and three apartments.
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“The District Prosecutor’s Office conducts procedural management in criminal proceedings based on the fact of illegal use by a group of individuals of resources for the exchange of electronic funds, which allow users from the Russian Federation to convert cash and non-cash funds into cryptocurrency, without paying taxes and with further legalisation,” the statement reads.
The traders face charges such as tax evasion, laundering of property obtained by crime, and fraud. However, these are just what Gadgets360 says they would be charged with at pre-trial. Their charges could get more severe when the main trial begins.
With the Ukraine-Russia war continuing, the US has placed several sanctions on Russia, with crypto and tech firms stopping operations in the area and restricting their access to foreign funds. Likely, many citizens are seeking other means to circumvent the restrictions.
Meanwhile, President Volodymyr Zelensky has made crypto trading legal in Ukraine, requiring traders to register with the government, making it easier to monitor the activity and fish out any illegality.
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