Japan has put the Russian-affiliated exchange Garantex onto the sanctions list, and the asset freeze has been upgraded along with the Russia-Ukraine frontline.

The signal is very clear: amid geopolitical friction, it’s getting harder to operate in offshore exchanges, while regulators’ long arm keeps reaching further. It doesn’t directly hit the overall market, but the fragmentation of liquidity is real—funds will only flow into compliant, transparent pools. In centralized platforms, compliance licenses are your moat; don’t pick the wrong side.

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