Huobi and KuCoin, two of the world's largest crypto exchanges, have reportedly continued to provide services to customers of sanctioned Russian banks.

The exchanges, both based in Seychelles, failed to take proper measures in order to block traders from transacting with debit cards issued by sanctioned Russian banks, including Sberbank, on their peer-to-peer platforms, Bloomberg reported, citing research from the blockchain analytics firm Inca Digital provided.

Adam Zarazinski, CEO of Inca Digital, said in an interview Friday that this could be a violation of US and European sanctions. He noted that the transactions often involve Tether, a dollar-pegged stablecoin launched by Tether Limited, which has been facing significant regulatory scrutiny over the past years. 

KuCoin executives dismissed the report while Huobi advisor Justin Sun did not address the claim. “KuCoin does not support the withdrawal and deposit of the cards issued by Russian banks,” Johnny Lyu, chief executive officer at KuCoin, reportedly said.

(By Ruholamin Haqshanas)

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