Belarus-Based Crypto Exchange Halted Operations For Russians In Response To The Invasion Of Ukraine.
In response to Vladimir Putin’s war on Ukraine, Currency.com, a cryptocurrency platform based in Belarus, stated on Wednesday that it will ban Russian users from using its services.
Due to the platform’s decision to restrict new accounts from being registered in Russia, Russian citizens would be unable to use its services, according to Currency.com.
Mykhailo Fedorov, Ukraine’s vice prime minister and minister of digital transformation, recommended that “all major cryptocurrency exchanges prohibit addresses associated with Russian customers” in February.
“Freezing not only addresses associated with Russian and Belarusian authorities, but also addresses associated with sabotage of ordinary users,” the prime minister tweeted.
According to the company’s website, Currency.com, which is based in Gibraltar, with offices in Kyiv, London, and Vilnius, was previously licensed and headquartered in Belarus.
Vitalii Kedyk, the platform’s head of strategy and CEO of Currency.com Ukraine, stated:
“We strongly oppose Russia’s aggressiveness… in these conditions, we are unable to continue serving our clients in Russia.”
The platform was first registered in Minsk in September 2018, but has since moved to Gibraltar, according to its website.
Currency.com, on the other hand, is a Belarusian Limited Liability Company that was founded in 2017 in compliance with the country’s digital growth regulations.
Following Russia’s invasion of Ukraine, the majority of international nations placed harsh sanctions on both Russia and Belarus. Even the central bank’s assets have been banned or seized in the Russian scenario.
Russia and Belarus, which share a border, are strong allies, and many accuse Belarus of aiding Russia by allowing them to strike Ukraine from Belarusian soil.
In light of Russia’s invasion of Ukraine, major cryptocurrency exchanges have replied to social media pleas by either block or otherwise restrict access to Russian digital assets.
A Binance official indicated in February that the exchange would not “unilaterally freeze the accounts of millions of innocent customers,” while Kraken CEO Jesse Powell implied that the exchange would only restrict Russian consumers’ access to cryptocurrencies in response to sanctions.
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