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Coinbase and Binance refuse to ban on all Russian users
By Shubhangi Mathur - Mar 04, 2022, 09:39 PM ET
Last Updated - Feb 18, 2024, 03:08 AM EST
Crypto exchanges have been requested to suspend services in Russia in order to prevent the digital currencies being used for parking assets by sanctioned entities
• Coinbase said a blanket ban would be imposed if the U.S. government decides to do so
• The exchanges assured that their platforms are equipped to prevent any illegal activity
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On Friday, cryptocurrency exchanges Coinbase Global Inc (NYSE: COIN) and Binance said it will not put a blanket ban on all Russian users amid various sanctions imposed on the country.
Crypto exchanges have been requested to suspend services in Russia in order to prevent the digital currencies being used for parking assets by sanctioned entities.
"We believe everyone deserves access to basic financial services unless the law says otherwise," Coinbase Chief Executive Officer Brian Armstrong tweeted on Friday.
Armstrong added that a blank ban would be imposed if the U.S. government decides to do so.
"We are not going to unilaterally freeze millions of innocent users' accounts," said a spokesperson of Binance, reported Reuters.
The exchanges also assured that their platforms are equipped to prevent any illegal activity.
Since the war between Russia and Ukraine began, the price of bitcoin has risen as more people moved their money into cryptocurrencies.
Picture Credits: Reuters
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