On Sunday, Ukraine’s vice prime minister, Mykhailo Fedorov, requested that major exchanges block Russian users’ addresses. Binance stated that it “would not unilaterally freeze the accounts of millions of innocent consumers.” Another prominent cryptocurrency exchange, Kraken, said on Twitter that it “cannot freeze the accounts of our Russian clients unless there is a legal obligation to do so.”
Binance says it would not block all Russian accounts
Binance announced on Monday that it will block the accounts of sanctioned Russians, but will not “unilaterally” freeze the accounts of all Russian users.
The remarks came after Ukraine’s vice prime minister demanded that all Russian user accounts be blocked on major cryptocurrency exchanges. A representative for Binance, the world’s largest cryptocurrency exchange, told CNBC, “We are not going to unilaterally suspend millions of innocent individuals’ accounts.”
“Crypto is designed to provide people all across the world more financial freedom. To decide unilaterally to deny people access to their crypto would be a direct violation of the purpose 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 to Russian and Belarusian authorities, but also to undermine ordinary users.”
Russia continues to bombard major cities in Ukraine, although the country’s soldiers are thought to have repelled 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 have been sanctioned 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 all sanctions are met in full” by blocking the accounts of anyone on a sanctions list. 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.”
Another cryptocurrency exchange, KuCoin, informed that Russian user accounts will not be frozen.
“As a neutral platform, we will not freeze the accounts of any users from any country until we are required to do so by law.” And during this difficult moment, actions that exacerbate tensions and jeopardize the rights of innocent people should be discouraged,” KuCoin CEO Johnny Lyu said in a statement to CNBC.
In a statement on Twitter, however, Dmarket, a site that allows users to sell virtual in-game products, claimed it had cut “all links with Russia and Belarus due to the invasion of Ukraine.”
Users from Russia and Belarus are not allowed to register with Dmarket, and their accounts have been frozen, according to the business. According to Dmarket, which describes itself as a “Ukrainian-born startup,” the Russian ruble has been withdrawn off the platform.
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