Coinbase, a popular cryptocurrency exchange has responded to the Ukrainian authorities’ request for all Russian accounts to be frozen. A Coinbase spokesperson noted that the digital currency platform would not “institute a blanket ban” against ordinary Russian users.
Coinbase, Coinberry, and Kucoin Follow Binance’s and Kraken’s Decision to Refuse ‘Sabotaging Ordinary Russian Users’
According to reports, the Russian invasion escalated on Tuesday after cease-fire negotiations between Russian and Ukrainian officials at their border failed. A 40-mile military convoy is surrounding the capital of Kyiv and reports show that “Kharkiv has become a key battleground.” Meanwhile, after the vice prime minister of Ukraine asked digital currency exchanges to “sabotage ordinary users,” a number of exchanges have released statements.
Bitcoin.com News covered Binance’s and Kraken’s explanations that they won’t ban all Russian users. Binance explained to CNBC that to “unilaterally decide to ban people’s access to their crypto would fly in the face of the reason why crypto exists.” Following the statements from Binance and Kraken, representatives from Coinbase, Coinberry, and Kucoin told vice.com contributor Maxwell Strachan how the three firms plan to handle such requests.
A spokesperson from Coinbase (Nasdaq: COIN), told Strachan that a request to ban all Russian customers would harm “economic freedom.” ”At this time, we will not institute a blanket ban on all Coinbase transactions involving Russian addresses,” Coinbase said in an email sent to vice.com. “Instead, we will continue to implement all sanctions that have been imposed, including blocking accounts and transactions that may involve sanctioned individuals or entities.”
Coinbase added the following:
We aim to improve economic freedom around the globe. A unilateral and total ban would punish ordinary Russian citizens who are enduring historic currency destabilization as a result of their government’s aggression against a democratic neighbor. As this invasion continues, we remain alert and committed to doing our part.
Dmarket Ukrainian Crypto Startup Takes Action against Russian Users
In addition to Coinbase’s statements about the situation in Ukraine, the Canadian exchange Coinberry told vice.com that it plans to “make every effort to protect our users from any form of overreach or unlawful action which may infringe on their rights.” The CEO of the crypto exchange Kucoin, Johnny Lyu, also disclosed to Strachan that Kucoin was a “neutral platform” and that the exchange would not support “actions that increase” geopolitical tension.
A few crypto companies have stopped providing services to Russia, however. Flexpool announced last week that the fifth-largest Russian ethereum mining organization had stopped all Russian ethereum miners. Three days ago, Kuna, a crypto asset exchange delisted crypto trading pairs tied to the Russian ruble. Dmarket (Ukraine non-fungible token) took further action against Russian users.
“Ukrainian-born startup Dmarket cuts all relationships with Russia and Belarus due to the invasion of Ukraine,” Dmarket tweeted. “The registration on the platform is prohibited for users from Russia and Belarus; Accounts of previously registered users from these areas are frozen; All assets and skins remain on user accounts, but access to their use is currently limited; Russian Ruble is removed from the platform,” Dmarket added.
You can support Ukrainian families, children, refugees, and displaced people by donating BTC, ETH, and BNB to Binance Charity’s Ukraine Emergency Relief Fund.
Are you adamant that crypto exchanges will not ban Russian cryptocurrency users in bulk? How do you feel about crypto platforms which have blocked all Russian clients from using their services? Comment below and let us know how you feel about the subject.
Images CreditsShutterstock. Pixabay. Wiki Commons. Coinbase App.
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