Bank calls crypto asset service providers to comply with EU and Italy sanctions

Sanction Checks On September 7, Banca d'Italia requested that regulated entities review their sanction controls in line with EU regulations.
Transfer Requirements Payment and crypto asset service providers must compare the sender and recipient information against sanction lists before each transfer.
No Minimum Threshold There is no minimum amount for transfers subject to these checks.
Examples of Sanction Evasion Cases involving Russian and Iranian entities using crypto assets to circumvent sanctions have surfaced.
For instance, the ruble‑backed A7A5 stablecoin surpassed $110 billion in transaction volume within its first year after launch in January 2025.
In another case, the Iranian Central Bank and Tether added four crypto wallets linked to the Iranian Central Bank to the sanction list, after which Tether froze approximately $131 million of USDT held at those addresses.
TRM Labs reported in June that CoinEx had moved more than $3.84 billion in crypto flows to Iranian‑linked entities since 2019.
CoinEx denied the allegations.
Implications for the Crypto Sector These developments underscore the critical importance of sanction compliance within the crypto industry.