Major Crypto Exchanges Respond to Ukraine’s Call to Ban Crypto for Russians

Follow us on Google News

Yesterday the Ukrainian government grew its rhetoric against Russian cryptocurrency users. They declared that it was time to “sabotage ordinary users.” Vice Prime Minister Mykhailo Fedorov requested on Twitter that “all major crypto exchanges block addresses of Russian users.” He had previously requested information about digital wallets associated with Russian and Belorussian politicians, stating that the Ukrainian crypto community would provide a “generous reward” to anyone who provided information.

Fedorov’s request was met with criticism from the crypto community, with many claiming that it would go against the decentralized, non-politicized nature of crypto. However, Kraken CEO Jesse Powell stated that, while he appreciated the sentiment, he would not block Russian users in light of Russia’s invasion of Ukraine. Kraken is one of the country’s largest cryptocurrency exchanges.

He also mentioned a recent trucker rally in Canada, where the government blocked most financial avenues for protesters. However, the government could not regulate non-custodial wallets, preventing cryptocurrency donations to the protest.

Changpeng “CZ” Zhao, CEO of Binance, Zhao, stated in a similar post on his account that the priority was to provide on-the-ground assistance. “All we care about is the people.” “According to the tweet. Binance did not respond immediately to a request for comment on Ukraine’s request to ban Russian users.

According to the Wall Street Journal, Binance, the world’s largest cryptocurrency exchange, said it was taking action against the entities blacklisted by the West while minimizing the impact on innocent users. 

Western countries, including the United States, agreed on Saturday to disconnect some Russian banks from SWIFT, a messaging system used for transactions between thousands of banks worldwide. The move is the latest in a string of international sanctions to cut Russia off from the global financial system. These measures increase the pressure on Russians to find alternative ways to move their wealth, with cryptocurrency as a possible option.

Default image
Chaahat Girdhar

I'm Chaahat Girdhar, a journalist by profession who's turning her dreams into vision and vision into reality. I'm curious and have an appetite for gaining new knowledge. So I'm looking forward to learning things in the better way possible.