Home
News
- If cryptocurrency exchanges continue to operate in Russia, they will suffer a public reaction, according to Alex Bornyakov.
- In Russia, PayPal, Visa, Mastercard, and other standard payment companies have halted operations.
Following Russia’s invasion of Ukraine in February, the Ministry of Digital Transformation requested exchanges to stop operating in Russia, citing cryptocurrency as a possible way to get over the country’s sanctions.
Major cryptocurrency exchanges that remain in Russia following Russia’s invasion of Ukraine could face a global reaction, according to a Ukrainian government official who urged the corporations to shift direction.
If cryptocurrency exchanges continue to operate in Russia, they will suffer a public reaction, according to Alex Bornyakov, Ukraine’s deputy minister of digital transformation, who reiterated his demand for a blanket ban on Russian crypto dealers in an interview with Reuters on Tuesday.
A BLANKET BAN on Russia
In Russia, PayPal, Visa, Mastercard, and other standard payment companies have halted operations. Ukraine’s vice prime minister had urged them, as well as cryptocurrency firms and other businesses, to terminate connections with Russia.
Despite requests for a blanket ban on Russian customers, crypto exchanges have refused, analysts say, weakening efforts to isolate Moscow.
The businesses have stated that they follow all standards and that they have utilized systems to track down and block attempts to circumvent fines. Some crypto exchanges have stated that corporations should not unilaterally remove services from Russia, citing the country’s libertarian principles as a justification to stay.
Without strict regulatory requirements, major crypto exchanges like Kraken and Binance are hesitant to block regular Russian consumers.
Nasdaq-listed company Coinbase claimed that it has blacklisted 25,000 wallet addresses it suspected were linked to Russian criminals and businesses, although it did not restrict individual Russian users.
Crypto companies who still want to serve Russia
The West has imposed unprecedented sanctions on Russia in response to its military attack on Ukraine, the largest in Europe since World War II. The business response has been mixed, with some companies taking legal proceedings and others adopting voluntary efforts.
Crypto’s anonymity has created concerns among regulators that it may be used to circumvent restrictions.
Expanded sanctions on Moscow, Germany warned on Tuesday, should rule out the use of cryptography to get around the restrictions. Estonia has also urged cryptocurrency restrictions in order to resolve sanctions loopholes.
Binance, the world’s largest exchange, as well as Coinbase Global Inc and Kraken, all located in the United States, have stated that they will remain in Russia, despite requests from Ukraine for a blanket ban on users in the nation.
ALSO READ: India’s Scepticism about Crypto: What does the Polygon Co-Founder think?
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
