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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.
Updated May 11, 2023, 4:29 p.m. Published Mar 14, 2022, 10:54 a.m.
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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Read more: White House, G7 Say New Guidance Is Coming on Crypto Sanctions Evasion
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What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
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Key U.S. Senator on Crypto Bill, Lummis, Negotiating Dicey Points With White House
The Republican lawmaker who is among the core negotiators on the U.S. market structure bill said the White House has rejected some ethics language.
What to know:
- Sen. Cynthia Lummis (R-Wyo.) said she is negotiating with the White House on behalf of Senate Democrats trying to insert ethics provisions into Congress' market structure legislation.
- Lawmakers should reveal a new draft market structure bill by the end of the week and hold a markup hearing next week, she said.
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