OFAC sanctioned Russian citizens Ilya Andreevich Gambashidze and Nikolai Aleksandrovich Tupikin for spreading disinformation. Estonia reviews cryptocurrency regulation and establishes strict supervision by Financial Supervisory Authority starting in 2026. OKX exits India amid tighter cryptocurrency regulation and advises customers to withdraw funds by the end of April.
The Office of Foreign Assets Control (OFAC) of the United States Department of the Treasury has sanctioned two Russian citizens for spreading false information. Authorities also froze two USDT addresses on the TRON network. Ilya Andreevich Gambashidze, Nikolai Aleksandrovich Tupikin and their companies were accused by the US government of facilitating and disseminating false information during the electoral processes on behalf of the Kremlin.
According to OFAC, the duo created malicious campaigns around the world to mislead voters and undermine victims’ trust in their governments: “In the fall of 2022, Tupikin and Gambashidze implemented a campaign that posed as scam websites. news, they set up fake videos and accounts on social networks.”
The Office of Terrorism and Financial Intelligence’s Under Secretary, Brian E. Nelson, stated the following:
“We are committed to exposing the government’s extensive Russian deception campaigns that seek to deceive voters and undermine trust in democratic institutions in the United States and around the world. “The United States, together with our allies and partners, remains steadfast in defending our democratic principles and the credibility of our elections.”
Estonia Approves Cryptocurrency Regulation
Estonia has revamped its cryptocurrency regulatory framework, setting a new benchmark for the supervision of digital assets. Starting in 2026, crypto companies will be under the strict surveillance of the Financial Supervisory Authority. This marks a significant change from the previous, more relaxed approach, which focused solely on anti-money laundering.
The new legislation increases operational and reporting standards. In addition, it establishes fines of up to 5 million euros (~$5.4 million), a substantial increase compared to the previous limit of 40,000 euros (~$43,290).
Accordingly, Finance Minister Mart Võrklaev stated that companies must adapt to these strict requirements by 2026 to maintain their operational status:
“If these companies want to continue operating, they will meet the necessary requirements, and I believe that anyone who takes this seriously and wants to provide a service will also be able to obtain a new license from the Financial Supervisory Authority.”
The revision of Estonian regulations represents a proactive approach to digital asset management. The country aims to eliminate bad financial practices and improve the security of its digital economy. As Estonia implements its new rules, the cryptocurrency space in Europe will become more structured and transparent.
OKX Leaves India
OKX, one of the leading cryptocurrency exchanges, has announced its exit from India. This decision comes as the country tightens its control over cryptocurrency operations. OKX advised its Indian clients to withdraw their funds at the end of April, citing local regulatory hurdles.
India integrated cryptocurrencies into its anti-money laundering and anti-terrorism framework in 2023. This integration sparked a reassessment within the cryptocurrency sector. Intensified scrutiny by the Indian government led to the expulsion of several cryptocurrency applications from digital platforms.
Giants like Binance and Kraken were affected, although OKX was not explicitly mentioned by the Financial Intelligence Unit (FIU). India’s strict tax policies on crypto transactions have posed additional challenges, such as a 30% tax on profits and a 1% deduction on each transaction.
The requirement for extensive know-your-customer (KYC) checks has further tested the operational capacity of global cryptocurrency platforms.
By Leonardo Perez
