Binance announced on Monday that it will block the accounts of sanctioned Russians. But it will not “unilaterally” restrict the accounts of all Russian users.
The remarks came after Ukraine’s vice prime minister demanded blocking all Russian user accounts on major cryptocurrency exchanges.
Binance Issued Stance
A spokeswoman for Binance said, “We are not going to suddenly suspend millions of innocent individuals’ accounts.”
“The cryptocurrency’s creation was to empower individuals around the world. People’s access to own crypto would be in direct conflict with the aim of crypto.”
On Sunday, Ukraine’s vice prime minister, Mykhailo Fedorov, requested that major exchanges block Russian users’ addresses.
In a tweet, Fedorov said it’s critical to freeze not just the addresses associated with Russian and Belarusian authorities. But also to undermine ordinary users. Belarus is a Russian ally.
Russia continues to bombard major cities in Ukraine. Although, the country’s soldiers seem to repel Russian advances for the most part.
Sanctions against Russian banks, sovereign debt, Russian President Vladimir Putin’s inner circle, and the leader himself have been imposed by the United States and the European Union. As a result, the Russian currency has plummeted.
Binance stated that it is “taking the appropriate procedures to guarantee we take action against individuals who are under sanction while minimizing the impact on innocent users.”
“Should the international community expand those penalties even further,” a corporate representative added. “We will vigorously apply those measures as well.”
Binance stated it will ensure that there are fulfilled sanctions by blocking the accounts of anyone on a sanctions list.
Other Exchanges Followed Suit
Another prominent cryptocurrency exchange, Kraken, stated Monday on Twitter that it “cannot freeze the accounts of our Russian clients without a legal necessity to do so.”
We will not freeze the accounts of any users from any nation until needed by law,” KuCoin CEO Johnny Lyu said in a statement. At this time, it’s important to avoid acts that could exacerbate tensions or put the rights of innocent people in jeopardy, he added.
Dmarket, a website that allows people to exchange virtual in-game stuff, announced on Twitter that it has broken “all links with Russia and Belarus due to the invasion of Ukraine.”
According to the company, users from Russia and Belarus cannot register with Dmarket, and their accounts are under suspension. According to Dmarket, which describes itself as a “Ukrainian-born startup,” the Russian ruble withdraws off the platform.
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