Market

Binance, Kraken and Coinbase reject requests to block Russian users because they are innocent

Similar to Kraken, Binance will not discontinue its services to Russian users.

The world’s leading digital asset exchange – Binance – has no intention of freezing the accounts of Russian citizens, a spokesman for the platform said. He further argued that “cryptocurrency is intended to offer greater financial freedom” and that such a move could violate the notion of industry.

Reject request to freeze

Russia’s “military special operation” in Ukraine seems to have no end as tensions between the two countries continue to escalate. So far, the US, the EU and the rest of the “powers” are out of direct military conflict. However, they have imposed severe financial sanctions on Russia aimed at destabilizing the country.

In addition to these measures, Mykhailo Fedorov, Deputy Prime Minister of Ukraine, called on leading crypto exchanges to block all blockchain addresses of Russian users, thereby helping Ukraine’s defense.

However, Binance will not comply with this request as the majority of these accounts belong to “innocent” individuals unrelated to the conflict.

“We will not unilaterally freeze millions of innocent user accounts.”

The decentralized nature of digital assets is often seen as a symbol of freedom and independence from traditional money empires. With that in mind, an absurd lockdown decision could “blow away the reason cryptocurrencies exist,” the spokesperson added.

On the other hand, Binance announced that it will limit its services to individuals based in Russia if the individual is subject to sanctions, while minimizing the impact on innocent users.

Yesterday, Kraken CEO Jesse Powell made a similar point. He describes bitcoin and altcoins as embodying libertarian values, and as such it would be a mistake to freeze all accounts of Russian customers. He also posits that many users of the exchange are war-resistant.

“Our mission is to serve better by focusing on the needs of the individual and not the needs of any government or political faction.”

Not only Binance and Kraken, but also the Coinbase exchange has not implemented a complete ban on Russian users.

“A unilateral and total ban would hit innocent Russian citizens suffering from currency instability as a result of their government’s aggression against a democratic neighbor.”

Although Coinbase is not available to Russian users, it does not restrict its customers from trading with addresses based in Russia.

“We will continue to implement any sanctions imposed, including the suspension of accounts and transactions involving sanctioned individuals or entities.”

Despite refusing to limit the service to Russian users, Binance showed support for Ukraine during the conflict by donating $10 million to the country.

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page

Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.

Recent Posts

BlockDAG Surges Past $170M as BDAG250 Bonus End Countdown Begins – Aave Targets $400 & Solana Shines with Scalability

BlockDAG crosses $170.5M in presale success with BDAG250 bonus and Whitepaper V3 launch! Solana grows…

30 minutes ago

Qubetics Presale Price Surge Approaches: The Best Coins to Invest in Right Now While Toncoin, and XRP Gain Traction

Discover why Qubetics, Toncoin, and XRP are the best coins to invest in right now.…

1 hour ago

Book of Meme Old News? This Best Meme Coin to Invest in 2024 Is Multiplying Gains Like a Champ

Over the years, meme coins have evolved from inside jokes into serious investment opportunities.

2 hours ago

Time’s Ticking on BlockDAG’s 5-Tier Bonus- Few Days Left to Grab It While Cardano Whales Take Action, Aave Rallies Strong

Discover BlockDAG's five-tier bonus program's closing phases that enhance buyer holdings. Gain insights on the…

3 hours ago

Best Altcoins to Buy for 2025: Qubetics Presale Surge, Solana’s Lightning Speed, and Cardano’s Blockchain Revolution

Discover why Qubetics, Solana, and Cardano are redefining the crypto landscape. Learn about milestones, price…

3 hours ago

Why Qubetics, NEAR Protocol, and IMX Are Dominating Crypto: The Best Altcoins to Join Today for Game-Changing Returns 

Discover why Qubetics, NEAR Protocol, and Immutable X are the best altcoins to join today,…

5 hours ago

This website uses cookies.