Japan Sets Penalties on Crypto Exchanges for Violating Russia Sanctions: Report

Fines could reach as much as 1 million yen ($8,500), with executives facing up to three years in prison.

AccessTimeIconMar 14, 2022 at 10:54 a.m. UTC
Updated May 11, 2023 at 4:29 p.m. UTC
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Japan's government and financial regulator have laid out the penalties crypto exchanges could face if they fail to comply with sanctions imposed on Russia following its invasion of Ukraine.

  • The Financial Services Agency and Ministry of Finance announced the penalties in a joint statement Monday, according to a report by Forkast.
  • Crypto exchanges making unauthorized payments to sanctioned individuals could be fined as much as 1 million yen ($8,500), with executives facing up to three years in prison.
  • The financial regulator also requires exchanges to report any suspected instances of such transfers.
  • There have been concerns that crypto could be used as a means of evading sanctions placed on Russia and some individuals. There has yet to be any clear sign that this is happening.

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Jamie Crawley

Jamie Crawley is a CoinDesk news reporter based in London.


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