Despite a reminder from the Monetary Authority of Singapore recently about crypto provider obligations in this regard, Bybit is not planning to place restrictions on Russian traders using its cryptocurrency exchange Bybit. A crypto media report stated that the platform had shared its position with partners.
Bybit Reportedly Vows to ‘Not Discriminate Against Crypto Users Based on Location and Passport’
Singapore-based crypto exchange Bybit will not restrict users from the Russian Federation, despite the city-state’s central bank reiterating this week that licensed coin trading platforms must comply with sanctions imposed over Moscow’s ongoing invasion of Ukraine.
The exchange responded to multiple queries from publications claiming that Bybit wouldn’t be available in Russia because of the Singapore measures. It stated that it was headquartered in Dubai, and that they are registered there.
We’ve made several statements that we don’t discriminate against crypto-users based on where they live and their passport.
Bybit explained that only clients located in non-licensed jurisdictions may be affected by restrictions. The comments were made in a message sent to partners by Getblock Magazine’s source and quoted by other Russian-language crypto news sites.
Bybit stated in the report that they are doing all possible to give everyone equal access to their platform. They also work to protect users’ funds and ensure the best trading experience.
On Monday, the MAS also said that pro-Russian groups have been using digital asset exchanges to raise millions of dollars in crypto donations to support Russia’s military effort in Ukraine, citing studies conducted by blockchain forensics firms Chainalysis and TRM Labs.
Bybit, which was founded in 2018, currently has almost 200 currency pairs and has more than 1.6 million registered users. This platform isn’t the only one that must address Russia sanctions.
Crypto Platforms Positioning Russia Sanctions
In October, the world’s largest coin trading platform, Binance, pointed to the lack of clarity regarding compliance with the EU restrictions. After previously banning only “high-value” crypto-asset services for Russian residents and companies, the Union’s eighth sanctions package prohibited European companies from providing all crypto wallet, account, or custody services to Russians.
During a press conference in Lisbon this week, Binance CEO Changpeng Zhao described the situation around the European sanctions as “tricky.” Replying to a question by Coindesk asking if the exchange would follow the decisions of other crypto companies and restrict Russian accounts, CZ admitted he did not have a definitive answer. Binance is licensed by different countries and must follow their regulations, but CZ stressed that the company was not against anybody.
Established cryptocurrency platforms such as Crypto.com and Blockchain.com began to stop services to Russians in October. This was to comply with the EU’s latest requirements, which were previously implemented by NFT platform Dapper Labs. The U.S.-based cryptocurrency exchange Kraken implemented restrictions that prohibited new registrations from Russian Federation.
What do you think other crypto-platforms will do to respect sanctions against Russian users, or if they won’t? Comment below to share your opinions.
Images CreditsShutterstock. Pixabay. Wiki Commons. Dennis Ditel
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