{"id":38197,"date":"2025-07-22T17:17:09","date_gmt":"2025-07-22T17:17:09","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=38197"},"modified":"2025-07-22T17:17:09","modified_gmt":"2025-07-22T17:17:09","slug":"uk-says-crypto-sector-likely-under-reporting-sanction-breaches","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=38197","title":{"rendered":"UK Says Crypto Sector Likely Under Reporting Sanction Breaches"},"content":{"rendered":"
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Crypto companies in the U.K. have almost certainly been under-reporting breaches of financial sanctions since as far back as 2022, the Office of Financial Sanctions Implementation (OFSI) said in a Monday report<\/a>, as the nation imposed more sanctions on Russia<\/a>.<\/p>\n<\/p>\n

The report, which is a sanctions threat assessment focused entirely on crypto, said most of the non-compliance by U.K. crypto firms was likely to be inadvertent and resulted from exposure to a named, or designated, person. Exposure could be both direct, in which there is a clear link to the person’s wallet address, or indirect, where the crypto’s origin has been obscured.<\/p>\n<\/p>\n

Crypto firms have been obligated to report to OFSI when they suspect a breach of sanctions since August 2022. Since January 2022, over 7% of all suspected breaches reported to OFSI have involved crypto-asset firms, the report said. OFSI was established in 2016 to ensure sanctions are enforced.<\/p>\n<\/p>\n

There are currently 55 crypto firms registered<\/a> with the Financial Conduct Authority as part of the country’s anti-money laundering regulations. The report didn’t say how many of the companies had filed reports with OFSI.<\/p>\n<\/p>\n

After the invasion of Ukraine in February 2022, many countries imposed financial sanctions on Russia, and concerns arose that crypto was being used to circumvent restrictions. The U.K., U.S.<\/a> and European Union<\/a> have made it clear that sanction rules extend to crypto.<\/p>\n<\/p>\n

The report also detailed that U.K. crypto firms face a high risk of being targeted by North Korean hackers, many of which operate on behalf of sanctioned entities.<\/p>\n

<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Crypto companies in the U.K. have almost certainly been under-reporting breaches of financial sanctions since as far back as 2022, the Office of Financial Sanctions Implementation (OFSI) said in a Monday report, as the nation imposed more sanctions on Russia. The report, which is a sanctions threat assessment focused entirely on crypto, said most of […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":0,"footnotes":""},"categories":[2],"tags":[3,4,5],"class_list":["post-38197","post","type-post","status-publish","format-standard","hentry","category-news","tag-crypto","tag-doge","tag-news"],"_links":{"self":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/38197","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=38197"}],"version-history":[{"count":0,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/38197\/revisions"}],"wp:attachment":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=38197"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=38197"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=38197"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}