Ukrainian vice-Prime Minister called for action against “ordinary users” from Russia.
The U.S. urged the crypto exchanges to cooperate in trading certain individuals only.
Binance, Kraken and KuCoin refused to blanket all Russian users, citing financial independence.
Many Russians disagree with the Kremlin and “shouldn’t be punished”.
YEREVAN (CoinChapter.com) – The vigorous discussion around Russia using the crypto market to “sidestep” NATO sanctions has been ongoing since the SWIFT restrictions of Feb. 27. In detail, the U.S., European Commission, and allies banned several Russian banks from using the messaging system in hopes of cutting the aggressor from their dollar reserves.
Moreover, Ukraine’s vice-Prime Minister urged the crypto exchanges to “sabotage ordinary users,” in addition to targeting accounts linked to politicians in Russia and Belarus.
I'm asking all major crypto exchanges to block addresses of Russian users.
It's crucial to freeze not only the addresses linked to Russian and Belarusian politicians, but also to sabotage ordinary users.
Additionally, the U.S. Treasury and President Biden also called for action. Contacting exchanges like Binance, the White House urged them to “thwart” Russia’s attempts to work around the NATO restrictions. As a result, Binance, Coinbase, and FTX have already agreed to trace accounts linked to specific individuals.
However, the mentioned exchanges did not consent to cut all Russian accounts from the rest of the community.
Crypto exchanges for financial freedom
Binance, which has 113,000 members of the Russian telegram channel alone, refused the call to ban users from the platform based on their nationality.
We are not going to unilaterally freeze millions of innocent users’ accounts. Crypto is meant to provide greater financial freedom for people across the globe. To unilaterally decide to ban people’s access to their crypto would fly in the face of the reason why crypto exists.
commented the platform.
Moreover, Kraken Exchange backed the statement, accenting the “financial freedom” that crypto is meant to provide. In detail, the CEO Jesse Powell tweeted his stance in a thread, citing his “deep respect” for the Ukrainian people.
However, Mr. Powell did not exclude the possibility that the ban could happen, should there be a “legal requirement” for it.
1/6 I understand the rationale for this request but, despite my deep respect for the Ukrainian people, @krakenfx cannot freeze the accounts of our Russian clients without a legal requirement to do so.
Furthermore, the CEO took a jab at the U.S. government, mentioning its history of “provoking violence.”
Besides, if we were going to voluntarily freeze financial accounts of residents of countries unjustly attacking and provoking violence around the world, Step 1 would be to freeze all U.S. accounts. As a practical matter, that’s not really a viable business option for us.
Crypto-trading platform KuCoin also joined the march for financial freedom. Moreover, Johnny Lyu, CEO of KuCoin, offered his comments on Feb. 28.
As a neutral platform, we will not freeze the accounts of any users from any country without a legal requirement. And at this difficult time, actions that increase the tension to impact the rights of innocent people should not be encouraged.
As protests and arrests in Moscow testify, thousands of people in Russia do not wish to identify themselves with the Putin regime. Furthermore, countless people in Russia take to social media platforms to voice their outrage.
Русские здравомыслящие люди не хотят войны! Мы не можем влиять на верхушку, хотя очень хотим. Я против войны.
Жаль, что не все русские и не все украинцы это понимают. #Ukraine ты справилась в 2014, справишься и сейчас!
Some public figures, such as journalist Ilya Yashin, urged their followers for an anti-war movement. He called the conflict a “national catastrophe” for both Russia and Ukraine, citing the plan of killing a “brother” nation as “unacceptable and appalling.”
Moreover, millionaire entrepreneur Anthony Pomplliano agreed, calling against the defamation of the average Russian citizen. In detail, he praised the crypto market for giving them a chance while the fiat system cut them off.
It is fascinating that the average Russian citizen has been cut off from the legacy financial system, but the crypto exchanges are preserving the citizens right to transact who had nothing to do with their dictator’s actions.
Lilit is a Yerevan-based Markets writer, skilled in 3 languages, and interested in writing about the tech world, trading, art, and science. She also has a background in psychology and marketing, which helps deliver the right message to the target audience.
Brazilian Senate passed the country's first bill regulating cryptocurrencies, even as Bitcoin struggles to take off in El Salvador.
Our Partners
We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept”, you consent to the use of ALL the cookies.
This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
Cookie
Duration
Description
cookielawinfo-checbox-analytics
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checbox-functional
11 months
The cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checbox-others
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-necessary
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-performance
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy
11 months
The cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.