Crypto exchanges do not want to block Russian accounts

Crypto exchanges do not want to block Russian accounts

Several major crypto exchanges have rejected Ukraine’s call to freeze Russian accounts on their platforms.

Crypto exchanges do not want to block Russian and Belarusian users

Coinbase and Binance said they have already banned businesses from internationally sanctioned individuals. However, both platforms have rejected the general block, informs SmartNews.

A Binance spokesperson told US news network CNBC that cryptocurrencies are designed to give people around the world more financial freedom. The position of the platform: “The decision to unilaterally block people from accessing their crypto assets goes against what the crypto industry stands for.”

Ukraine’s call was followed only by the Dmarket crypto exchange — a startup with Ukrainian founders announced on Twitter that it was breaking off all business relations with Russian and Belarusian clients. All assets have been frozen and access to them is restricted.

Russia will be financially isolated

The goal of international sanctions against Russia is to isolate the state as much as possible and, above all, to greatly weaken it financially. This is why Russia was excluded from the Swift international banking network.

As for cryptocurrencies, there are fears that the Russian president could use them to circumvent some of the sanctions and continue doing international business.