ECB warns crypto firms against sanctions busting

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FILE PHOTO: ECB President Christine Lagarde holds news conference following Governing Council's monetary meeting, in Frankfurt

FRANKFURT – Cryptocurrencies are being used to avoid sanctions levied against some Russian individuals and the European Central Bank has warned firms in that industry against becoming “accomplices” in that crime, ECB President Christine Lagarde said on Tuesday.

“We have taken steps to clearly signal to all those who are exchanging, transacting, offering services in relation to crypto assets that they are being accomplices to circumvent sanctions,” Lagarde said at an online event.

(Reporting By Francesco Canepa; Editing by Jon Boyle)