Cryptocurrency exchanges strongly oppose the closure of accounts of all Russian citizens and say that only the directives of legal regulations will be implemented.
The centralized and accessible philosophy of the cryptocurrency world is one of the most important issues the community has defended to date. Cryptocurrency exchanges do not violate these declarations under Russia-Ukraine tensions.
Freedom debate on cryptocurrency exchanges
Many heavy embargoes were imposed after Russia unjustly occupied Ukrainian territory. Meanwhile, Ukrainian politicians also called on cryptocurrency exchanges, demanding that the accounts of all Russian citizens be frozen.
Cryptocurrency exchanges do not take kindly to this call. Binance stated that blocking users’ accounts is against the logic of cryptocurrencies. Coinbase, on the other hand, stated that no steps will be taken except for the law. Kucoin and OKX exchanges also made similar statements.
The claims that Russia, which was removed from the SWIFT system, will turn to cryptocurrencies, had increased the Bitcoin price above 44 thousand dollars. However, internationally sanctioned Russian citizens are prohibited from trading on regulated exchanges, and the United States is following this closely. Of course, cryptocurrency exchanges have to comply with the law in this regard.
Also read- Apple announces new sanctions for Russia: no more products will be sold in Russia
Also Read – Countries supporting Russia’s invasion of Ukraine
Also Read – War: YouTube announces to block Russian channels RT and Sputnik across Europe
Also read- Visa and Mastercard block many financial transactions in Russia
Also read- FIFA bans Russian national teams and teams from all competitions