Crypto Exchanges Stand Against The Ban On Russia

Crypto exchanges stand against the ban on Russia. Exchanges strongly oppose closing the accounts of Russian citizens.

The centralized and accessible philosophy of the cryptocurrency world is among the most important issues that the community has defended to date. Cryptocurrency exchanges do not violate these manifestos in the tension between Russia and Ukraine. Many heavy sanctions 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. However, cryptocurrency exchanges do not view this positively. Binance stated that blocking users' accounts is against the logic of cryptocurrencies. Coinbase, on the other hand, stated that no steps will be taken. Kucoin and OKX exchanges also made similar statements about their decision to not ban the accounts of Russian citizens. The claims that Russia, which was removed from the SWIFT system, would turn to cryptocurrencies, had increased the price of Bitcoin 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, the cryptocurrency exchanges have to comply with the law in this regard.