# Sanctioned States Build Supervised Crypto Venues

States under Western sanctions or capital controls will keep moving crypto trading onto supervised domestic exchanges so that they can tax and monitor the flows, while Western regulators cut off the offshore venues that carried those flows before.

- Conviction: 49 / 100 (strengthening)
- Horizon: Emerging (watchlist)
- Tracking since: 2026-11-07T00:00:00.000Z
- Last updated: 2026-11-12T14:14:59.541Z
- Canonical: https://polylog.news/crypto/trends/sanctioned-states-build-domestic-crypto-venues
- Publisher: Polylog
- Affected regions: Russia / Ukraine, Middle East

## Recent score history

- 2026-11-11: 44
- 2026-11-12: 49

## Recent evidence

- [confirms] Russia's Central Bank Clears Exchanges to Begin Organized Crypto Trading From November 22 (2026-11-12): Russia's central bank cleared exchanges to start organized crypto trading from November 22, as long as each gets central bank approval for its trading rules first. Moscow Exchange plans bitcoin, ether and USDT trading from December 1. A sanctioned state is moving crypto flows onto a supervised domestic exchange where they can be monitored, which is the core mechanism of this thesis.
- [confirms] US Treasury cuts MEXC off from American banks as the European Union builds a crypto unit against Russian sanctions evasion (2026-11-09): FinCEN's order cutting MEXC off from US banks over $16 billion in alleged Iran, North Korea and Russia flows is the Western half of the thesis: regulators shutting the offshore venues that carried sanctioned flows. That raises the pressure on those states to use domestic supervised venues instead.

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