Currency.com has stopped operations to Russian clients. The crypto exchange was originally licensed in Belarus. The restrictive measure comes in response to Russia’s assault on Ukraine, the platform said, noting that customers in other jurisdictions will not be affected.
Currency.com Exchange Denounces ‘Terrible War’ in Ukraine, Denies Services to Russian Traders
Crypto trading platform Currency.com has announced its decision to halt operations for residents of the Russian Federation over Moscow’s military aggression against neighboring Ukraine. The decision follows an earlier move by the Belarus-born cryptocurrency exchange to stop opening Russian accounts.
📢 https://t.co/utaDc9wnIa halts operations for residents of the Russian Federation (Russia). This decision does not impact clients coming from other regions or countries.
Learn more: https://t.co/PxQRpgjsGa pic.twitter.com/uhsQJvgp6O
— Currency.com (@CurrencyCom) April 12, 2022
In a statement released by the platform late Tuesday, the chief executive of the company’s Ukrainian division, Vitaly Kedyk, said that the Russian invasion has brought violence and disorder to the people of Ukraine and added:
The Russian aggression has been condemned by us in our strongest terms. We are with Ukraine and anyone who deplores the terrible war. We cannot continue serving our Russian clients under these conditions.
This decision won’t affect customers in other countries or regions. Currency.com stated that it would continue to offer services to its global clients through its international network. There are offices at New York, London and Gibraltar as well as Vilnius, Vilnius, Warsaw, and Gibraltar.
Viktor Prokopenya (a Belarusian tech entrepreneur) founded Currency.com. He was originally based in Belarus and had his license there. Belarus is a close political and economic ally to Russia. Its website states that Currency Com Bel LLC, a legal entity in Minsk was established in 2018.
The company is a resident of the Belarus High Technologies Park (HTP) and a token platform operator authorized under President Alexander Lukashenko’s Decree “On the development of the digital economy,” which legalized crypto business activities four years ago. Currency Com Limited is licensed in Canada and the U.S. as a money service business. It is registered in Gibraltar.
Late February was the moment that Russian forces crossed over the Ukrainian border. Representatives of Currency.com were quoted in the Crypto News edition by RBC saying that Currency.com does not intend to ban Russian users.
Currency.com donated more than $1 million to humanitarian efforts in Ukraine since the outbreak of hostilities. These funds will be used to provide food and shelter for the displaced Ukrainians affected by conflict.
What do you think other crypto platforms in Eastern Europe will do to restrict Russian users using their services? Leave a comment below.
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