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Crypto Exchange Bybit Won’t Block Russian User Accounts

Crypto Exchange Bybit Won't Block Russian User Accounts

Despite the city-central state’s bank reiterating this week that licensed coin trading platforms must adhere to sanctions imposed over Moscow’s ongoing invasion of Ukraine, Singapore-based cryptocurrency exchange Bybit will not bar customers from the Russian Federation.

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The exchange noted that Bybit is based and registered in Dubai in response to several inquiries and media claiming that Bybit won’t be available in Russia owing to the restrictions implemented by Singapore.

“We have stated several times that we do not discriminate against crypto users based on their location and passport.”

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The Getblock post quotes Bybit as saying that its staff is working hard to guarantee that all users have access to its platform equally and that their funds are secure as well as the greatest trading experience.

According to the exchange, restrictions may only apply to clients who reside in nations that prohibit futures trading without a license, such as the US, Singapore, and China.

On Monday, the MAS also claimed, using research done by blockchain forensics companies Chainalysis and TRM Labs, that pro-Russian organizations have been utilizing digital asset exchanges to raise millions of dollars in cryptocurrency donations in support of Russia’s military campaign in Ukraine.

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Harold

CoinCu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.