Binance will suspend the accounts of those on the sanctions list

In a statement on Monday, Binance, one of the world's largest crypto exchanges, said in a statement that it will block Russian accounts that are subject to sanctions, but will not implement Ukraine's request to freeze the accounts of all Russian users.

One of the company's representatives said on Monday that "we are freezing the accounts of Binance users who are on the sanction lists, and we will make sure that all sanctions are fully implemented."

The US, UK, Europe, and Canada announced a new package of sanctions on Saturday, which includes removing some Russian banks from SWIFT.

Ukraine's Vice President and Minister of Financial Transformation, Mykhailo Fedorov, on Sunday called on cryptocurrency exchanges to freeze the digital wallets of Russian users. Fedorov promised a "generous reward" to anyone who would provide information about the digital accounts of Belarusian and Russian politicians.

Responding to the minister's statement, a Binance representative said, "It is vital to block the addresses of not only Belarusian and Russian politicians, but also ordinary users. We will not unilaterally freeze the accounts of millions of innocent users. Cryptocurrencies were created to provide greater financial freedom for people all over the world."